Cool Logos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are expected to be $2,006,000 in September, $2,240,000 in October, $2,381,000 in November, and $2,570,000 in December. Cool Logos sets its prices to earn an average 40% gross profit on sales revenue. The company does not want inventory to fall below $420,000 plus 15% of the next month's cost of goods sold. Requirement Prepare an inventory, purchases, and cost of goods sold budget for the months of October and November SERIAL CASE Prepare a budget for newly renovated hotel (Learning Objective 2) This case is a continuation of the Casino Halifax Entertainment Corporation serial case that began in Chapter 1. Refer to the introductory story in Chapter 1 for additional background. (The components of the Casino Halifax serial case can be completed in any order.) Casino Halifax will use budgets to make its financial plans. Let's assume that Casino Halifax prepares budgets for each of its hotel towers, including the new Privateer's Tower. Here is a list of budgeting assumptions for the Privateer's Tower for 2020: Data table for Privateer's Tower budget assumptions Number of hotel rooms in the Privateer's Tower. Average occupancy rate for Casino Halifax Entertainment Corporation... Average hotel room rate per night ....... Total budgeted fixed costs for the Privateer's Tower. Variable cost per Privateer's Tower room night........ 587 91.2% $ 149 $ 2,390,000 $ 27 Requirements 1. How many Privateer's Tower hotel room nights should be budgeted to be booked in 2020? (Remember that 2020 is a leap year and, therefore, has an extra calendar day or 366 days.) 2. What would be the budgeted net revenue from the Privateer's Tower hotel rooms in 2020? 3. What would be the budgeted variable costs for the Privateer's Tower hotel in 2020? 4. Prepare a budget for 2020 for the Privateer's Tower using the assumptions provided above and the numbers you have calculated. Does it appear that the Privateer's Tower will be generating a healthy amount of income for Casino Halifax? Explain