SITXFIN003: You are the Assistant Manager of TIV Restaurant have been Set a Food Budget: Manage Finances Within a Budget Assignment, VU, Australia

University Victoria University [VU]
Subject SITXFIN003: Manage Finances Within a Budget

Scenario

You are the assistant manager of TIV restaurant have been set a food budget of 35% food cost. For the last 3 months, you have had an average food cost percentage of 38.96% and your manager has told you to find ways to get the food budget back to 35%. You need to find a new pricing structure for how much each menu item’s selling price is to meet this target. In the sales summary on the next page find a way to slightly increase prices of certain menu items in order to get the sales back below budget.

  1. For scenario 1 produce an excel spreadsheet the same as the one previous with the calculations showing a Total food cost percentage of 35% or below.
  2. Produce 3 more excel spreadsheet charts for the following time periods:
  • 1st Oct 2018 to 1st Jan 2019
  • 1st Jan 2019 to 1 Apr 2019
  • 1st Apr 2019 to 1st July 2019

Base these forecast budgets on the average food cost increasing by 0.75% per quarter and making sure you have food sales over costs percentage remains below 35%

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1st Jul 2019 to 1st Oct 2020

Adjust the following sales prices in the menu below to a total of 35% food cost

Menu itemSales no.Food costSales priceFood cost %Menu costMenu sales
Entrees
Seared scallops in champaign sauce612$5.20$11.9043.70%$3,182.40$7,282.80
Garlic prawns556$5.43$12.9042.09%$3,019.08$7,172.40
Bruschetta811$1.82$10.9016.70%$1,476.02$8,839.90
Minestrone soup423$0.99$9.9010.00%$418.77$4,187.70
Thai vegetable salad478$1.95$10.9017.89%$932.10$5,210.20
Mains
300g wagyu rib-eye with  garlic and rosemary jus443$19.53$38.9050.21%$8,651.79$17,232.70
Chicken and camembert in filo682$5.98$23.5025.45%$4,078.36$16,027.00
Seafood platter420$23.92$41.9057.09%$10,046.40$17,598.00
Vegetarian stir-fry601$2.97$19.9014.92%$1,784.97$11,959.90
Cured salmon with coriander salsa656$13.98$26.9051.97%$9,170.88$17,646.40
BBQ pork ribs289$13.34$27.9047.81%$3,855.26$8,063.10
Braised beer duck629$9.98$24.9040.08%$6,277.42$15,662.10
Desserts
Sticky date pudding with butterscotch sauce434$2.40$9.9024.24%$1,041.60$4,296.60
Strawberries Romanoff612$5.98$9.9060.40%$3,659.76$6,058.80
Mixed berry panacotta645$3.49$9.9035.25%$2,251.05$6,385.50
Chocolate souffle687$3.87$9.9039.09%$2,658.69$6,801.30
TOTAL MEALS SOLD8978MENU TOTALS$62,504.55$160,424.40
TOTAL FOOD COST %38.96%

Then discuss the following questions below.

  1. What are other ways can the food cost percentage can be lowered?
  2. What can happen to the total food cost percentage if sales decline due to prices increasing too much?
  3. What can happen to the sales if the quality of food and service declines?

Case Study Task 2

Top of the Town Hotel has asked you to calculate the variance for the following figures for the month of July and August. Also, calculate the total profit that was budgeted and actual. Analyze the findings and inform them about the variance as they are concerned and would like to monitor the income, expenditure, profit levels, budgetary performance of their Food and Beverage Department.

JulyAugust
SalesBudgetActualVarianceBudgetActualVariance
Revenue230,000225,000230,000228,000
Food Costs85000870008500086000
Beverage Costs14000150001500015000
Labour Costs77,000820007800082000
Fixed Costs35000350003500035000
Total Costs211000219000213000218000
Profit1900060001700010000

The hotel owners and managers would like to know the form you the major areas of concern where there is a deviation that needs monitoring and improvement

PART B

Answer the following questions

Q1. What are other ways can the food cost percentage can be lowered?

Q2. What can happen to the total food cost percentage if sales decline due to prices increasing too much?

Q3. What can happen to the sales if the quality of food and service declines?

Q4. Explain the importance to the owners of monitoring budgets and why do you think it will help them to manage their finance better for the business. How you will allocate the budgets according to the organisational control systems.

Q5. Explain to them the use of analysing the monthly budget and comparing the forecasted budget against the actual budgets.

Q6. Explain your findings and possible reasons for these variances.

Q7. Research and suggest what improvements do you think the owners can take to improve this situation?

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