12.00 polnts Exercise 11-10 Fixed versus variable cost behavior LO 11-1, 11-2 Mo

Question

12.00 polnts Exercise 11-10 Fixed versus variable cost behavior LO 11-1, 11-2 Moore Entertainment sponsors rock concerts. The company is considering a contract to hire a band at a cost of $105,000 per concert. Required a. What are the total band cost and the cost per person if concert attendance is 2,000, 2,500, 3,000, 3,500, or 4,000? (Round "Cost per person" answers to 2 decimal places.) Concert Attendance 2,000 2,500 3,000 3,500 4,000 Total cost of concert Cost per person b. Is the cost of hiring the band a fixed or a variable cost? Fixed cost O Variable cost

Explanation / Answer

a) concert attendance 2,000 2,500 3,000 3,500 4,000 total cost of concert 105,000 105,000 105,000 105,000 105,000 cost per person 52.5 42 35 30 26.25 b) fixed cost

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