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The Royal Canadian Lodge in Banff, Alberta, has accumulated records of the total electrical costs of the hotel and the number of occupancy-days over the last year. An occupancy-day represents a room rented out for one day. The hotel's business is highly seasonal, with peaks occurring during the ski season and in the summer.
Month Occupancy-Days Electrical Costs
January 1,736 $4,127
February 1,407 3,207
March 2,536 5,383
April 960 2,857
May 630 2,871
June 744 2,696
July 2,108 4,670
August 1,406 3,148
September 480 1,391
October 224 1,988
November 720 2,454
December 1,364 3,529
Required:
Question 1: Using the high-low method, estimate the fixed cost of electricity per month and the variable cost of electricity per occupancy-day. Round the fixed cost to the nearest whole dollar and the variable cost to the nearest whole cent.
Question 2: What factors other than occupancy-days are likely to affect the monthly variation in electrical costs?
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