Kindly use Excel when answering a and b and don't forget the NOTE stated. You are the owner of a chain of three successful restaurants with the following number of seatsin each location: airport, 340 seats; downtown, 218 seats; and suburban, 164 seats.a. If the liability insurance premium is $16,000 per year, how much of that premium shouldbe allocated to each of the restaurants, based on percent of total seating capacity?Note: First find the percent allocation to each location. Round these percents to the nearesttenth. (Use Excel's Round function. Round the decimal result to 3 places in order to roundthe percent to the the nearest tenth.) Use these rounded percents in your final calculations.Excel Extra: After completing your calculations, use Excel's Chart Wizard to create a pie chart toshow the percent allocated to each category.Total insurance premium = $16,000.00Number of seatsPercent of totalPremium allocationAirport =340Downtown =218Suburban =164Total =722 b. If the restaurant chain opens a fourth location at the beach, with 150 seats,and the total insurance premium increases by 17%, what is the new allocationof insurance premiums among the four locations?Excel Extra: After completing your calculations, use Excel's Chart Wizard to create a pie chart toshow the percent allocated to each category.Percent increase in premium = $16,000.00New insurance premium =Number of seatsPercent of totalPremium allocationAirport =340Downtown =218Suburban =164Beach =150Total =

We need to allocate insurance premium and create pie chart in excel.

Answered: nt allocation to each locatie s Round…

Business

Finance

nt allocation to each locatie s Round function. Round the nearest tenth.) Use the leting your calculations, us

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter3: Cost Behavior

Section: Chapter Questions

Problem 42P: Thames Assurance Company sells a variety of life and health insurance products. Recently, Thames...

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