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A traveling production of Hairspray performs each year. The average show sells 800 tickets at $40 per ticket. There are 120 shows each year. The show has a cast of 65, each earning an average of $340 per show. The cast is paid only after each show. The other variable expense is program printing costs of $6 per guest. Annual fixed expenses total $163,200. Read the requirements Assis ots Requirement 1. Compute revenue and variable expenses for each show. f2 The revenue for each show is $ 32000 The variable expenses for each show are $ 26900 Requirement 2. Use the income statement equation approach to compute the number of shows needed annually to break even Begin by determining the basic income statement equation. Sales revenue Variable expenses Fixed expenses - Operating income Using the basic income statement equation you determined above, solve for the number of shows to breakeven. The number of shows needed annually to break even is 32 Requirement 3. Use the shortcut unit contribution margin approach to compute the number of shows needed annually to eam a profit of $571,200 Is this goal realistic? Give your reason Begin by selecting the formula, E nd Choose from any list or enter any number in the input fields and then continue to the next question. A traveling production of Hairspray performs each year. The average show sells 800 tickets at $40 per ticket. There are 120 shows each year. The show has a cast of 65, each earning an average of $340 per show. The cast is paid only after each show. The other variable expense is program printing costs of $6 per guest. Annual fixed expenses total $163,200. Read the requirements Assi ts Requirement 3. Use the shortcut unit contribution margin approach to compute the number of shows needed annually to earn a profit of $571,200 Is this goal realistic? Give your reason Begin by selecting the formula Fixed expenses Operating income Contribution margin por show Target of shows Using the equation you determined above, solve for the target number of shows The number of shows needed annually to earn a profit of $571,200 is 144 The profit goal of $571,200 is realistic since Hairspray currently performs 120 shows a year, Requirement 4. Prepare Hairspray's contribution margin income statement for 120 shows each year. Report only two categories of expenses: variable and fored. Hairspray Contribution Margin Income Statement Year Ended December 31 Sales revenue 32000 Oon 2 and Choose from any list or enter any number in the input fields and then continue to the next question. and a and Quizzes A traveling production of Hairspray performs each year. The average show sells 800 tickets at $40 per ticket. There are 120 shows each year. The show has a cast of 65, each earning an average of $340 per show. The cast is paid only after each show. The other variable expense is program printing costs of 36 per guest. Annual fixed expenses total $163,200. Assig Read the requirements Gradd 5/20 pm Using the equation you determined above, solve for the target number of shows 12 see The number of shows needed annually to earn a profit of $571,200 is 144 /20 pm 12 ser The profit goal of $571,200 is realistic since Hairspray currently performs 120 shows a year. 20 12 se 20 Od 12 20 m g Requirement 4. Prepare Hairspray's contribution margin income statement for 120 shows each year. Report only two categories of expenses variable and foed Hairspray Contribution Margin Income Statement Year Ended December 31 Sales revenue 32000 Variable expenses 26900 Contribution margin 32 144 Fixed expenses Operating income (loss) 0 ests and Choose from any list or enter any number in the input fields and then continue to the next question. sts and Attempts ests and Quizzes Ramon Race PUI UROL. HI de 120 Shows each ye an average of $340 per show. The cast is paid only after each show. The other variable expense is program printing costs tal $163,200. ments. you determined a Requirements ws needed annua 571,200 is realist exp repare Hairspray's Hairspray ution Margin Inco 1. Compute revenue and variable expenses for each show. 2. Use the income statement equation approach to compute the number of shows needed annually to break even. 3. Use the shortcut unit contribution margin approach to compute the number of shows needed annually to earn a profit of $571,200 Is this goal realistic? Give your reason. 4. Prepare Hairspray's contribution margin income statement for 120 shows each year. Report only two categories of expenses: variable and fixed. "ear Ended Dece es Print Done rgin 144 ne (loss) st or enter any number in the input fields and then continue to the next