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Jason Beck is the managing partner of a business that has just finished building a 60-room motel. Beck anticipates that he will rent these rooms for 20,000 nights next year (or 20,000 room-nights). All rooms are similar and will rent for the same price. Beck estimates the following operating costs for next year: (Click the icon to view the operating costs.) (Click the icon to view additional information.) Read the requirements. Variable operating costs room-night Fixed costs Salaries and wages Total fixed costs $175,00040,000125,000$340,000 The capital invested in the motel is $1,200,000. The partnership's target return on investment is 20%. Beck expects demand for rooms to be uniform throughout the year. He plans to price the rooms at full cost plus a markup on full cost to earn the target return on investment. 1. What price should Beck charge for a room-night? What is the markup as a percentage of the full cost of a room-night? 2. Beck's market research indicates that if the price of a room-night determined in requirement 1 is reduced by 15%, the expected number of room-nights Beck could rent would increase by 10%. Should Beck reduce prices by 15% ? Show your calculations. Requirement 1. What price should Beck charge for a room-night? What is the markup as a percentage of the full cost of a room-night? Begin by selecting the formula, then enter the amounts and solve for the room price per night. What is the markup as a percentage of the full cost of a room-night? (Enter the markup as a percentage, X%.) ff full cost rkup Requirement 2. Beck's market research indicates that if the price of a room-night determined in Requirement 1 is reduced by 15%, the expected number of room-nights Beck could rent would increase by 10%. Should Beck reduce prices by 15% ? Show your calculations. Begin by calculating the new contribution margin which will help you make your decision. Select the formula first, then enter the amounts to calculate the contribution margin. (Round the new price per room to two decimal places. Round the contribution margin to the nearest dollar.) Should Beck reduce prices by 15% ? Should Beck reduce prices by 15% ? Because the contribution margin at the reduced price is the original contribution margin at the selling price you calculated in requirement 1, Beck reduce the price of the rooms