Directions: Using the information provided, answer the questions below. You've been asked by the Director of Compensation to assist with the preparation of next fiscal year's compensation plan for accounting jobs. The period for the compensation plan is July 1, 2023 - June 30, 2024. Your assignment is to update salary survey data using the CPI-U (provided in linked excel file) to estimate the new salary information. You have been provided CPIU data from January, 2018 - February, 2023. 1. By what percentage did the cost of goods and services change each calendar year? What has the overall change in CPI-U from January, 2018 to February, 2023. 2. Based on the actual data you have, calculated the expected CPI-U for a) June, 2023; b) December, 2023; and c) June, 2024. Based on current economic data, do you think that actual CPI-U values will exceed or fall below your calculated values? Why? What do the experts expect the value to be? 3. Assume that the average accountant salary on June 30,2022 was $62,500. What do you expect the average salary to be on December 31 , 2022? June 30 , 2023? (Hint: First calculate the percentage cost change for the period 1st and 2nd 6-month period for each of the previous years [2nd 6-months for December, 1st 6-months for June]. Second, take the average of each set of calculations to create an average percent cost change. Traditionally, having more historical data results in better estimates of future performance. Based on your answer to \#2, how confident do you feel in the CPI-U average percent cost change for this 5 year period?) 4. Calculate the estimated average salary for accountants effective June 30,2024 based on the the CPI-U data provided from January, 2019 - February, 2023 and your projected CPI change calculated in #2. 5. Calculate the estimated average salary for accountants effective June 30, 2024 based on the the CPI-U data provided from January, 2019 - February, 2023 and the expert expected value for 2023 and 2024 . CPI for All Urban Consumers (CPI-U) \begin{tabular}{|c|l|l|l|} \hline Series Title & All items in U.S. city average, all urban consumers, seasonally adjusted \\ \hline Series ID & CUSR0000SA0 \\ \hline Seasonality & Seasonally Adjusted \\ \hline Survey Name & CPI for All Urban Consumers (CPI-U) \\ \hline Measure Data Type & All items \\ \hline Area & U.S. city average & \\ \hline Item & All items & & \\ \hline \end{tabular}