PART A (40 marks) Question 1( 30 marks)-Breakeven analysis for Golden travel voyages Golden travel voyages Inc., is a company operating as a summer tourist attraction on the great lakes. It operates a sailing schooner offering day cruises for individuals and groups. Over the last few years, the average number of tourists per cruise was 30. The average charge per person for the cruise, including group discounts was $ 100. The company operates from mid-may until mid- September. On average the ship sails 100 days during this period, The Sailing bird (the name of the schooner) requires a crew of 6 and is captained by the owner of the company. University students with extensive sailing experience have been willing to work on a per diem basis of $ 100. They are paid only if the ship is cruising. The ship provides non- alcoholic refreshments and a light lunch. These are required daily from a local delicatessen and cost on average $ 25 per person. The daily operating expenses, fuel and miscellaneous supplies average S 50 a cruise. The company has a variety of annual expenses including: maintenance, depreciation, marketing, licenses, Etc... Totaling approximately $ 85000. Required: 1. Compute the revenue and variable expenses for each cruise( 8 marks) Revenue (30 X1008 )- $3,000 Variables ( 125 X6 + 50) = $ 800 2. Compute the number of cruises the Sailing bird must have each year to breakeven. Is there any equation that can be used to determine this number? ( 8 marks) 3. The owner expects a total return and remuneration for being the captain of 125000 ( target profit). Using the concept of "contribution margin" and a cost- volume-profit notion, estimate how many cruises the Sailing bird needs to make to reach this objective? ( 8 marks) 4. Prepare a contribution margin income statement for Golden travel voyages Inc., ( 6 marks)