Required Assess whether this mowing business could be profitable if you mow 200 lawns per month. Ask the Question What Is the profit on each lawn If the mowing business mows 200 lawns per month? What is the profit in sum total? Master the Data For this lab you will use data in the Excel file titled Lab 1.1 Data.xlsx. As you complete this lab, various assumptions will be made about cost and revenue data. Perform the Analysis Refer to the text or eBook for instructions and steps for each of the lab parts. Answer the following questions based on the details provided. 1. What is the total monthly margin for scenario 17 2. In scenario 1, what is the expected number of lawns that will be mowed each month? 3. What is the total margin per lawn for scenario 1? Note: Round to 2 decimal places. 4. What is the total monthly margin for scenario 27 5. In scenario 1, what is the cost of the monthly truck payment per lawn? Note: Round to 2 decimal places. Decision-Making Context You have been approached by a friend who is retiring from his lawn-mowing business. He asks you if you would like to take over his business. He is not trying to make money on the sale of the business. Instead, he is concerned with (1) taking care of his existing customers and (2) having someone take over the existing contracts on equipment he has purchased. He currently mows 50 yards each week and charges $50 per yard. In addition to mowing the lawns himself, he has 2 people working for him. He has the following equipment: Truck: He has 1truck he purchased. The amount he still owes is $20,000 and the payment is $300 per month. Mowers: He has 3 new riding mowers on which he owes $3,000 each. He makes a $100 monthly payment for each mower. Other Equipment: All other equipment is paid for and in good working order, and he is willing to sell all of it to you for $2,000 (and you think it will last 20 mowing months). He thinks it will cost you $100 per month to maintain the truck, mowers, and other equipment. You have a degree in landscape architecture and design, and you have been the groundskeeper at a golf course for the last 5 years. You believe with your knowledge and entrepreneurial ideas you could improve greatly on your friend's business model. In summary, your costs are: Truck payment: $300 per month Mowers payment: $300 per month Other equipment: $2,000 to purchase now (will last approximately 20 months); this is the equivalent of $100 per month in depreciation. Chief mower makes $15 per hour; staff worker makes $10 per hour. Each staff person has the capacity to mow 1yard per hour. (Average labor cost is $13 per yard in Scenario 1 or $25 per yard in Scenario 2.) Equipment maintenance: $100 per month Insurance: $300 per month Fuel: $3 per gallon; one gallon will be sufficient for 1 yard. Supplies, such as trimmer line, etc.: $1.50 per lawn Advertising: $50 per month, but if you do $300 per month in advertising, you can potentially triple your number of contracts. Owner (you) will spend time doing quality control, marketing, and planning for the future. Depreciation: The reduction in value of an asset as time passes, due to use, wear and tear, or obsolescence