The Museum of Fine Art is preparing for its annual appreciation dinner for contributing members. Last year, 500 members attended the dinner. Tickets for the dinner were $30 per attendee. The profit report for last year's dinner follows. (Click the icon to view the profit report.) This year the dinner committee does not want to lose money on the dinner. To help achieve its goal, the committee analyzed last year's costs. Of the $16,000 cost of the dinner, $8,500 were fixed costs and $7,500 were variable costs. Of the $2,500 cost of invitations and paperwork, $1,750 were fixed and $750 were variable. Read the requirements. Requirement 1. Prepare last year's profit report using the contribution margin format. (Use parentheses or a minus sign when entering losses.) Requirement 2. The committee is considering expanding this year's dinner invitation list to include volunteer members (in addition to contributing members). If the committee expands the dinner invitation list, it expects attendance to double. Calculate the effect this will have on the profitability of the dinner assuming fixed costs will be the same as last year. (Use parentheses or a minus sign when entering losses.) If the museum expands the dinner invitation list, the profit (loss) will be Ticket sales $ 15,000 16,000 Cost of dinner Gross margin (1,000) 2,500 Invitations and paperwork $ (3,500) Profit (loss) Requirements 1. 2. Prepare last year's profit report using the contribution margin format. The committee is considering expanding this year's dinner invitation list to include volunteer members (in addition to contributing members). If the committee expands the dinner invitation list, it expects attendance to double. Calculate the effect this will have on the profitability of the dinner assuming fixed costs will be the same as last year. Print Done