Question
In: Accounting
You are planning a New Year’s Eve party,and have identified the following costs: Venue hire 1600...
You
are planning a New Year’s Eve party,and have identified the
following costs:
Venue hire 1600 pounds,Staff costs 1210 pounds,Food and Drink
cost 20 pounds per person.
The venue can hold a maximum of 250 people, and you can sell
tickets for 60 pounds each.
How many tickets do you need to sell in order to make profit
of 2390 pounds ？
Solutions
Expert Solution
| CALCULATION OF CONTRIBUTION MARGIN PER UNIT | |||
| PARTICULARS | Product | ||
| Selling Price Per Ticket | 60 | Pounds | |
| Less: Variable Cost | 20 | Pounds | |
| Contribution Margin per unit | 40 | Pounds | |
| Target Profit = ( Fixed Cost + target Income ) / Contribution Margin per unit | |||
| Target Profit = | |||
| Fixed Cost (1600 +1210) | 2,810 | Pounds | |
| Add: | "+ " | ||
| Target Income = | 2,390 | Pounds | |
| Equal to = | 5,200 | ||
| Divide By | "/"By | ||
| Contribution marrgin per unit | 40 | ||
| Equal to = | 130 | Tickets | |
| Answer = To make profit of 2390 Pounds tickets need to sold = 130 Tickets | |||
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