Icicle Bay Tours operates day tours of coastal glaciers in Alaska on its tour boat the Emerald Glacier. Management has identified two cost driversthe number of cruises and the number of passengersthat it uses in its budgeting and performance reports. The company publishes a schedule of day cruises that it may supplement with special sailings if there is sufficient demand. Up to 88 passengers can be accommodated on the tour boat. Data concerning the companys cost formulas appear below:

Fixed Cost Per Month

Cost per Cruise

Cost per Passenger

Vessel operating costs

$

6,600

$

471

$

3.20

Advertising

$

2,400

Administrative costs

$

6,000

$

34

$

1.50

Insurance

$

3,300

For example, vessel operating costs should be $6,600 per month plus $471 per cruise plus $3.20 per passenger. The companys sales should average $31 per passenger. The companys planning budget for August is based on 51 cruises and 3,050 passengers.

Required:

Prepare the companys planning budget for August. (Input all amounts as positive values.)

Icicle Bay Tours Planning Budget For the Month Ended August 31
Revenue	$
Expenses:
Vessel operating costs
Advertising
Administrative costs
Insurance
Total expense
Net operating income	$