Sunrise Hotels {E} It is January 2019 and you are reviewing the 21318 income statement for your property. Next week, you and six other general managers will meet in El Paso, Texas with the regional manager for an annual performance review meeting. You gather the data provided below and use variance analysis to understand your results prior to the meeting- Data om an industry oonsultant show that the market size in 21318 was 23,363 rooms, and you used this information in calculating your 24313 sales forecast (in Exercises 2 and 3)- Today, in January 21319, market data revealed that 6G,5?5 rooms were sold in your area by you and your competitors. Calculate actual (1} market share and {2} average room rate so that you may use these mtmbers to create ex budgets that enable you to report (1) market size and {2] market share variances. Variances are computed relative to the budget. Use the budget you prepared in the Sunrise Hotels (D) case- "The following table was obtained from your yearend income statement: Rooms Rented 15,213 Revenues $ 593,053 Controllable Costs Front Ofce 1 12, 191 Housekeeping 56,155 Other Personnel 29,594 Total Personnel 242,950 Supplies 243,601 Dier Expense 28,292 Repairs 32,21 3 Ewes 6D,?95 Utilities 29,394 Total Expense 3 424,?5tl Controllable Prot $ 163,303 Required 1. What are the Leveltil= Levell and Level2 variances for your property?I 1What are the market size, market share and sales prioe varianoes? Hint: Prepare multiple exible budgets, gradually relaxing assumptions from the static budget to the actual results (the \"Turn onedialatatime== approach}. 2. What are the prioe and efciency variances (in, Level3 variances) for housekeeping expense?I To do this, you obtained the following data from the company controller: Housekeepers worked a total of 2,242.1 hours- The standard (budgeted) wage rate was provided in the budgeting case, Sunrise Hotels {D}