**Thornton Entertainment Concert Cost Analysis**Thornton Entertainment sponsors rock concerts and is considering hiring a band at a contract cost of $75,000 per concert.### Required**a.** Determine the total band cost and the cost per person if concert attendance is 8,000, 8,500, 9,000, 9,500, or 10,000. The "Cost per person" should be rounded to two decimal places.**b.** Decide whether the cost of hiring the band is a fixed or a variable cost.**Instructions:**Complete the question by entering your answers in the tabs below.**Table of Costs:**| Number attending | 8,000 | 8,500 | 9,000 | 9,500 | 10,000 ||------------------|-------|-------|-------|-------|--------|| Total cost of concert | | | | | || Cost per person | | | | | |(Note: The table above is intended for calculating the cost distribution among attendees based on different concert attendances.)Consider the implications of fixed vs. variable costs in determining strategies for concert management and budgeting.

TIP The total band cost remains the same if the number of concert attendance varies. the cost per…

Thornton Entertainment sponsors rock concerts. The company is considering a contract to hire a band at a cost of $75,000 per concert. Required a. What are the total band cost and the cost per person if concert attendance is 8,000, 8,500, 9,000, 9,500, or 10,000? b. Is the cost of hiring the band a fixed or a variable cost?

Thornton Entertainment sponsors rock concerts. The company is considering a contract to hire a band at a cost of $75,000 per concert. Required a. What are the total band cost and the cost per person if concert attendance is 8,000, 8,500, 9,000, 9,500, or 10,000? b. Is the cost of hiring the band a fixed or a variable cost?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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