Caesars Palace Las Vegas, owned and operated by Caesars Entertainment Corporation (CZR), opened in 1966. The...

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Caesars Palace Las Vegas, owned and operated by Caesars Entertainment Corporation (CZR), opened in 1966. The Nevada hotel-and-casino complex has been featured in several movies including Rain Man, Iron Man, and The Hangover Part III. Caesars Palace is the 14th largest hotel in the world. Caesars Palace Las Vegas includes six towers (named Augustus, NOBU Hotel, Julius [formerly named Roman], Palace, Octavius, and Forum) containing almost 4,000 guest rooms. Beyond guest accommodations, the complex also included casinos, retail shops, restaurants, nightclubs, a 4,296-seat entertainment venue, and a large convention facility. Assume you work in the accounting department of Caesars Entertainment and your supervisor, Logan Lacy, provides you with the attached Excel file containing food and beverage costs and the number of hotel rooms/suites for Caesars for the years 1993 to 2021. Logan asks you to develop a cost prediction model using the number of hotel rooms/suites (independent variable, x-axis) to predict food and beverage costs (dependent variable, y-axis). Perform the analysis in Excel and think about the related questions. Then, write a memo to Logan in Word summarizing your findings and providing your responses to Logan's questions. 1. Using the high-low method, calculate in Excel the following estimates: Variable food and beverage cost per hotel room/suite Fixed food and beverage costs per year 2. Using regression analysis in Excel, calculate the following: Variable food and beverage cost per hotel room/suite Fixed food and beverage costs per year 3. Logan is unsure whether it is better to use the high-low method or regression analysis. Which method would most likely provide a better cost estimate? Explain why. 4. Logan asks for your opinion if the number of hotel rooms/suites is a good predictor of Caesars' food and beverage costs. Explain why or why not? Caesars Palace Las Vegas, owned and operated by Caesars Entertainment Corporation (CZR), opened in 1966. The Nevada hotel-and-casino complex has been featured in several movies including Rain Man, Iron Man, and The Hangover Part III. Caesars Palace is the 14th largest hotel in the world. Caesars Palace Las Vegas includes six towers (named Augustus, NOBU Hotel, Julius [formerly named Roman], Palace, Octavius, and Forum) containing almost 4,000 guest rooms. Beyond guest accommodations, the complex also included casinos, retail shops, restaurants, nightclubs, a 4,296-seat entertainment venue, and a large convention facility. Assume you work in the accounting department of Caesars Entertainment and your supervisor, Logan Lacy, provides you with the attached Excel file containing food and beverage costs and the number of hotel rooms/suites for Caesars for the years 1993 to 2021. Logan asks you to develop a cost prediction model using the number of hotel rooms/suites (independent variable, x-axis) to predict food and beverage costs (dependent variable, y-axis). Perform the analysis in Excel and think about the related questions. Then, write a memo to Logan in Word summarizing your findings and providing your responses to Logan's questions. 1. Using the high-low method, calculate in Excel the following estimates: Variable food and beverage cost per hotel room/suite Fixed food and beverage costs per year 2. Using regression analysis in Excel, calculate the following: Variable food and beverage cost per hotel room/suite Fixed food and beverage costs per year 3. Logan is unsure whether it is better to use the high-low method or regression analysis. Which method would most likely provide a better cost estimate? Explain why. 4. Logan asks for your opinion if the number of hotel rooms/suites is a good predictor of Caesars' food and beverage costs. Explain why or why not?