1. Chapter 1 Homework Instructions Rename the workbook, Ch1 Homework-Your Name 2. Using Excel 2010, work problems 1-4. Problems need to be formated EXACTLY like we did in class. 3. Create a header for each worksheet (right side: Your Name, Center: Chapter #, left side: date) 4. Name and list all variables 5. Show all formulas in words at the beginning of the problem: e.g.: Break Even Point Fixed Cost/ (Selling Price of Unit-Variable Cost) 6. In a textbox under the answer state the answer in a complete sentence. 7. Always use cell references in formulas to get your answers 8. By using page setup, make sure each spreadsheet fits on one page. 9. Drop this document in the appropriate chapter's dropbox for your class. 10. If at any time you have questions on your assignments, please post a question in the Chapter's Study Group Discussion forum. Always check the Study Group Discussion forum each time you log in to the class (specifically, daily). If you can answer any questions that are posted, please do so, so you can help your classmate, and possibly the other students who have questions and haven't posted, with their assignment. You may be the one that needs help someday. You can always stop by my office for assistance or email me. If you email me, please be sure to state your question clearly so I can understand your problem. All postings to any discussion in this class are considered confidential and for consideration and discussion only by members of this class. Specifically, do not forward materials or messages from this class by email or distribute hard copies. As always you can also stop by my office for help or email me (be sure to state your question in detail so I can understand your problem). Gina Fox has started her own company, Foxy Shirts, which manufactures imprinted shirts for special occasions. since she has just begun this operation, she rents the equipment from a local printing shop when necessary. The cost of using the equipment is $350. The materials used in one shirt cost $8, and Gina can sell these for $15 each. a) If Gina sells 20 shirts, what will her total revenue be? b) What will her total variable cost be? c) How many shirts must Gina sell to break even? d) What is the total revenue for this? Katherine D'Ann is planning to finance her college education by selling programs at the football games for State University. There is a fixed cost of $400 for printing these programs, and the variable cost is $3. There is also a $1,000 fee that is paid to the university for the right to sell these programs. a) If Katherine was able to sell programs for $5.00 each, how many would she have to sell in order to break even. Katherine D'Ann has become concerned that sales may fall, as the team is on a terrible losing streak, and attendance has fallen off. In fact, katherine believes that she will sell only 500 programs for the next game. b) If it was possible to raise the selling price of the program and still sell 500, what would the price have to be for Katherine to break even by selling 500? Calculate the break even to double check your answer, did you get 500. Golden Age Retirement Planners specializes in providing financial advice for people planning for a comfortable retirement. The company offers seminars on the important topic of retirement planning. For a typical seminar, the room rental at a hotel is $1,000, and the cost of advertising and other incidentals is about $10,000 per seminar. The cost of the materials and special gifts for each attendee is $60 per person attending the semianr. The company charges $250 per person to attend the seminar as this seems to be competitive with other companies in the same business. a) How many people must attend each seminar for Golden Age to break even? A couple of entrepreneurial business students at State University decided to put their education into practice by developing a tutoring company for business students. While private tutoring was offered, it was determined that group tutoring before tests in the large statistics classes would be most beneficial. The students rented a room close to campus for $300 for 3 hours. They developed handouts based on past tests, and these handouts (including color graphs) cost $5.00 each. The tutor was paid $25.00 per hours, for a total of $75 for each tutoring session. a) if students are charged $20 to attend the session, how many students must enroll for the company to break even? b) A somewhat smaller room is available for $200 for 3 hours. The company is considering this possibility. How would this affect the break-even point