HomeSuites is a chain of all-suite, extended-stay hotel properties. The chain has 22 properties with an average of 150 rooms in each property. In year 1 , the occupancy rate (the number of rooms filled divided by the number of rooms avallable) was 80 percent, based on a 365 -day year. The average room rate was $215 for a night. The basic unit of operation is the "night," which is one room occupled for one night. The operating income for year 1 is as follows. In year 1 , the average fixed labor cost was $418,000 per property. The remaining labor cost was variable with respect to the number of nights. Food and beverage cost and miscellaneous cost are all variable with respect to the number of nights. Utilitles and depreciation are fixed for each property. The remaining costs (management, marketing, and other costs) are fixed for the firm. At the beginning of year 2, HomeSuites will open two new properties with no change in the average number of rooms per property. The occupancy rate is expected to remain at 80 percent. Management has made the.following additional assumptions for year 2. - The average room rate will increase by 5 percent - Food and beverage revenues per night are expected to decline by 20 percent with no change in the cost. - The labor cost (both the flxed per property and variable portion) is not expected to change. - The miscellaneous cost for the room is expected to increase by 25 percent, with no change in the miscellaneous revenues per room. - Uililies and depreciation costs (per property) ore forecast to remain unchanged. - Management costs will increase by 8 percent, and marketing costs will increase by 10 percent. - Other costs are not expected to change. In year 1 , the average fixed labor cost was $418,000 per property. The remaining labor cost was variable with respect to the number of nights. Food and beverage cost and miscellaneous cost are all variable with respect to the number of nights. Utilities and depreciation are fixed for each property. The remaining costs (management, marketing, and other costs) are fixed for the firm. At the beginning of year 2. HomeSuites will open two new properties with no change in the average number of rooms per property: The occupancy rate is expected to remain at 80 percent. Management has made the following additional assumptions for year 2 . - The average room rate will increase by 5 percent. - Food and beverage revenues per night are expected to decline by 20 percent with no change in the cost. - The labor cost (both the fixed per property and variable portion) is not expected to change. - The miscellaneous cost for the room is expected to increase by 25 percent, with no change in the miscellaneous revenues per room. - Utilities and depreciation costs (per property) are forecast to remain unchanged. - Management costs will increase by 8 percent, and marketing costs wili increase by 10 percent. - Other costs are not expected to change. Required: Prepare a budgeted income statement for year 2 . (Round your per unit average cost calculations to 2 decimal places.)