Assume you work in the accounting department of Caesars Entertainment and your supervisor, Ashton Willow, provides you with the attached Excel file containing food and beverage costs and the number of hotel rooms/suites for Caesars for the years 1993 to 2021. Ashton asks you to develop a cost prediction model using the number of hotel rooms/suites (independent variable, x-axis) to predict food and beverage costs (dependent variable, y-axis). Perform the analysis in Excel and think about the related questions. Then, write a memo to Ashton in Word summarizing your findings and providing your responses to Ashtons questions. 1. Using the high-low method, calculate in Excel the following estimates: Variable food and beverage cost per hotel room/suite Fixed food and beverage costs per year Using your results from the high-low method, predict the total food and beverage costs when 41,950 hotel rooms & suites are occupied. 2. Using regression analysis in Excel, calculate the following: Variable food and beverage cost per hotel room/suite Fixed food and beverage costs per year Using your results from the regression analysis, predict the total food and beverage costs when 41,950 hotel rooms & suites are occupied. 3. Ashton is unsure whether it is better to use the high-low method or regression analysis. Which method would most likely provide a better cost estimate? Explain why. 4. Ashton asks for your opinion if the number of hotel rooms/suites is a good predictor of Caesars food and beverage costs. Explain why or why not? Your explanation should take into consideration the R- squared value from your regression analysis results. Year ended Food and beverage costs No of hotel rooms & suites 12/31/93 76,500,000 5,348 12/31/94 82,800,000 5,367 12/31/95 91,500,000 5,736 12/31/96 95,900,000 6,478 12/31/97 103,600,000 8,197 12/31/98 116,600,000 11,685 12/31/99 218,600,000 11,760 12/31/00 228,000,000 11,562 12/31/01 232,400,000 13,598 12/31/02 240,600,000 14,551 12/31/03 255,200,000 14,780 12/31/04 278,100,000 17,220 12/31/05 482,300,000 42,870 12/31/06 697,600,000 38,060 12/31/07 716,500,000 38,130 12/31/08 639,500,000 39,170 12/31/09 596,000,000 41,830 12/31/10 621,300,000 42,010 12/31/11 665,700,000 42,890 12/31/12 634,000,000 42,710 12/31/13 642,000,000 48,300 12/31/14 694,000,000 39,218 12/31/15 399,000,000 41,180 12/31/16 572,000,000 41,730 12/31/17 553,500,000 47,260 12/31/18 1,106,000,000 46,920 12/31/19 635,000,000 38,780 12/31/20 860,200,000 31,950 12/31/21 895,400,000 41,640