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Jordan's Lakeside is a popular restaurant located on Lake Washington in Seattle. The owner of the restaurant has been trying to better understand costs at the restaurant and has hired a student intern to conduct an activity-based costing study. The intern, in consultation with the owner, identified the following major activities:Activity Cost Pool Activity MeasureServing a party of diners Number of parties servedServing a diner Number of diners servedServing drinks Number of drinks orderedA group of diners who ask to sit at the same table are counted as a party. Some costs, such as the costs of cleaning linen, are the same whether one person is at a table or the table is full. Other costs, such as washing dishes, depend on the number of diners served.Serving a Party Serving a Diner Serving a Drink TotalTotal cost $ 32,000 $ 212,000 $ 74,000 $ 318,000Total activity 6,000 parties 15,000 dinners 10,000 drinksPrior to the activity-based costing study, the owner knew very little about the costs of the restaurant. She knew that the total cost for the month was $318,000 and that 15,000 diners had been served. Therefore, the average cost per diner was $21.20 ($318,000 ÷ 15,000 diners = $21.20 per diner).Requirement 1:Compute the activity rates for each of the three activities. (Round your answers to 2 decimal places. Omit the "$" sign in your response.)Cost per unit of activityServing a Party $ per partyServing a Diner $ per dinerServing Drinks $ per drinkRequirement 2:According to the activity-based costing system, what is the total cost of serving each of the following parties of diners? (Round your answers to 2 decimal places. Omit the "$" sign in your response.)a. A party of four diners who order three drinks in total.b. A party of two diners who do not order any drinks.c. A lone diner who orders two drinks.Totala. Party of four diners who order three drinks $b. Party of two diners who order no drinks $c. Party of one diner who orders two drinks $Requirement 3:Convert the total costs you computed in Requirement 1 above to costs per diner. In other words, what is the average cost per diner for serving each of the following parties? (Round your answers to 2 decimal places. Omit the "$" sign in your response.)a. A party of four diners who order three drinks in total.b. A party of two diners who do not order any drinks.c. A lone diner who orders two drinks.Average costa. Party of four diners who order three drinks $ per dinerb. Party of two diners who order no drinks $ per dinerc. Party of one diner who orders two drinks $ per diner
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