You have just been hired as a trainee accountant by a fashion house, Louis Versailles Ltd. In 2020 at the 25thMercedes-Benz Fashion Week Louis Versailles Ltd will be holding a fashion parade for which it has a separate account of funds set aside within its promotional budget. This fashion parade will take place under the Sydney Harbour Bridge at Bradfield Park in Milsons Point and will use the services of local a local salon (Wildlife Origin) and local talent. The aim on the fashion parade is for potential customers to see the clothes displayed on models and later on purchase the clothes. A costing for a fashion parade can vary greatly based on the decisions and assumptions made.Assume for this proposed fashion show the following estimated cost ranges are provided in US dollars:

Rent of marquee $0 to $100,000

Hair and makeup: $0 to $100,000

Stylist: $5,000 to $20,000

Public relations: $10,000 to $20,000 Models: $0 to $200,000

Lighting: $10,000 and higher

Invitations: $5,000 and higher

1. How to budget for a Louis Versailles Ltd's fashion show at the 25thMercedes-Benz Fashion Week with the given estimate for each cost and describe the assumptions you are making about your imaginary fashion show.