Problem 13-59 (Algo) Prepare Budgeted Financial Statements (LO 13-6,7) HomeSuites is a chain of all-suite, extended-stay hotel properties. The chain has 19 properties with an average of 200 rooms in each property. In year 1, the occupancy rate (the number of rooms filled divided by the number of rooms available) was 75 percent, based on a 365-day year. The average room rate was $210 for a night. The basic unit of operation is the "night," which is one room occupied for one night. The operating income for year 1 is as follows. HomeSuites Operating Income Year 1 Sales revenue Lodging Food & beverage Miscellaneous Total revenues Costs Labor Food & beverage Miscellaneous Management Utilities, etc. Depreciation Marketing Other costs Total costs Operating profit $218,452,500 26,006, 250 12,483,000 $256,941, 750 $ 59,897,500 20,805,000 14,563,500 2,515,000 38,000,000 11,400,000 14,580,000 8,015,000 $169,776,000 $ 87,165,750 In year 1. the average fixed labor cost was $415 000 ner property. The remaining labor cost was variable with respect to the number of