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Required information The following information applies to the questions displayed below) 3 of 4 Maria Chavez owns a catering company that serves food and beverages at parties and business functions. Chavez's business is seasonal, with a heavy schedule during the summer months and holidays and a lighter schedule at other times. One of the major events Chavez's customers request is a cocktail party. She offers a standard cocktail party and has estimated the cost per guest as follows: 8:36 Food and beverages Labor (0.5 hour $9.80 /hr.) Overhead (0.5 houre $18.58/hr) Total cost per guest $17.00 4.90 9.29 $31.19 The standard cocktail party lasts three hours and Chavez hires one worker for every six guests, so that rint works out to one-half hour of labor per guest. These workers are hired only as needed and are paid only for the hours they actually work When bidding on cocktail parties. Chavez adds a 13% markup to yield a price of about S35 per guest. She is rence confident about her estimates of the costs of food and beverages and labor but is not as comfortable with the estimate of overhead cost. The $18.58 ovethead cost per labor-hour was determined by dividing total overhead expenses for the last 12 months by total labor-hours for the same period, Monthly data concerning overhead costs and labor-hours follow bor- Overhead Hours Expenses January 2,500 45,000 February 2,500 49,000 2,700 50,000 April3,900 54,000 4,200 57,000 5,200 61,000 6,200 64,000 August7,200 67,000 Septenber 6,700 65,000 october 4,200 58, 000 November 3,800 54,000 December 6,200 62,000 Total 55,300 $686,000 March May June July Chavez has received a request to bid on a 175-guest fundraising cocktail party to be given next mportant local charity. (The party would last the usual three hours.) She would like to win this contract because the guest list for this charity event includes many prominent individuals that she secure as future clients. Maria is confident that these potential customers would be favorably impressed by would like to her company's services at the charity event. 4. How low could Chavez bid for the charity event in terms of a price per guest and still break even on the event itselr? (Round your answer to the nearest whole dollar amount)