Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help Chi Omega Sorority is planning its annual Riverboat Extravaganza. The Extravaganza committee has assembled the following expected costs for the event: Dinner (per
Please help
Chi Omega Sorority is planning its annual Riverboat Extravaganza. The Extravaganza committee has assembled the following expected costs for the event: Dinner (per person) Favors and programs (per person) Orchestra Tickets and advertising Riverboat Rental Floor show and strolling entertainers $ 7 3 3,000 1,400 9,600 2,000 The committee members want to charge $30 per person for the evening's activities. Required: 1. Compute the break-even point for the Extravaganza (in terms of the number of persons that must attend.) 2. Assume that only 250 person attended the Extravaganza last year. If the same number attends this year, what price per ticket must be charged in order to break even? 3. If Chi Omega wants to make a profit of $6,000 and charge $30 per ticket, how many people must buy tickets? 4. Chi Omega decides to sell tickets for $35 each and the costs will remain the same as shown in the table above. If they believe they can sell 800 tickets, what will be their margin of safety in dollars and as a percent of salesStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started