Kenneth Clark owns a catering company that prepares banquets and parties for individual and corporate functions throughout the year. Clark's business is seasonal, with a heavy schedule during the summer and on year-end holidays and a light schedule the rest of the year. Fixed operating costs are incurred evenly throughout the year. One of Clark's most requested functions is a cocktail party. Kenneth has developed the following costs per person for a standard cocktail party: Food and beverages $17.00 Direct labor $7.00 Variable overhead $3.00 Fixed overhead $5.00 (a) Your answer is correct. Based on absorption costing, what is Clark's cost per person? Based on variable costing, what is his cost per person? (Round answers to 2 decimal places, e.g. 15.25.) Absorption Costing Cost per person $ 32 Variable Costing 27 (b) Your answer is correct. Clark prices his cocktail parties by adding a 14% markup to his costs. What price will Clark charge per person if he uses absorption costing? If he uses variable costing? (Round answers to 2 decimal places, e.g. 15.25.) Absorption Costing Cost per person eTextbook and Media 36.48 Variable Costing 30.78 Attempts: 1 of 3 used (C1) Clark has been asked to bid on a 290-person cocktail party to be given next month. What is the minimum price he should bid for the party? Minimum price Clark should bid for the party $