You have been recently hired as general manager of a restaurant. It is September 1, and you must prepare the operating budget of this establishment for the first quarter of the upcoming calendar year and submit it to the corporate office. Since you have been at the operation for only a month or so, you must rely solely on historical data. You gather sales reports and records for January through August of the current year.

Using the data and the Excel budget worksheet provided below, prepare the operating budget for Lucky's for January through March of the upcoming year. Also, here is the information you determined from the most recent sales and costs records:

• Week 7 Assignment.xlsx
• Sales are 10 percent higher than those of the same month during the previous year.
• Food cost percentage is steady at 32 percent.
• Fixed labor costs are steady at $9,000 per month.
• Variable labor costs are 15 percent of sales.
• Occupancy costs will remain steady at $2,000 per month.
• Other controllable costs are expected to be $10,000 per month.
• Marketing costs have been fixed at $1,000 per month.
• For January, February, and March of last year, Lucky's sales revenues were as follows:
  • January: $60,000
  • February: $50,000
  • March: $55,000
• 

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Search Help Acrobat General $ % 950000 AutoSave Off Week 7 Assignment - Saved File Home Insert Draw Page Layout Formulas Data Review View Times New Roma 12 ' = = = ab Wrap Text Paste BI U V Merge & Center Clipboard Font Alignment B14 fx Number Comments Tiffany Easton Share T Conditional Format as Formatting Table Cell Styles Insert Delete Format Styles Cells Sort & Find & Filter Select Editing Analyze Data Analysis A 1 2 Sales B January 72,600 C February 60,500 D March 66,550 3 Food $23,232.00 $19,360.00 4 Total sales 5 Cost of Sales 6 Food 7 Total cost of sales 8 Gross profit 9 Controllable Expenses $95,832.00 $79,860.00 $21,296.00 $87,846.00 24% 24% $22,999.68 $19,166.40 24% $21,083.04 $95,599.68 $79,666.40 $232.32 $193.60 $87,633.04 $212.96 9,000 9,000 9,000 10 Salaries and wages $10,890.00 $9,075.00 $9,982.50 11 Marketing $1,000.00 $1,000.00 $1,000.00 12 Other controllable expenses $10,000.00 $10,000.00 $10,000.00 13 Total controllable expenses $30,890.00 $29,075.00 $29,982.50 14 Noncontrollable Expenses 15 Occupancy costs $2,000.00 $2,000.00 $2,000.00 16 Total noncontrollable expenses Operating Profit and Income 17 Before Depreciation and Taxes 18 19 20 21 22 23 24 25 26 27 28 Week 7 Assignment + Ready Type here to search E F G H | W X 58F 12:21 AM 10/17/2021 + 100% Search Help Acrobat General $ % 950000 AutoSave Off Week 7 Assignment - Saved File Home Insert Draw Page Layout Formulas Data Review View Times New Roma 12 ' = = = ab Wrap Text Paste BI U V Merge & Center Clipboard Font Alignment B14 fx Number Comments Tiffany Easton Share T Conditional Format as Formatting Table Cell Styles Insert Delete Format Styles Cells Sort & Find & Filter Select Editing Analyze Data Analysis A 1 2 Sales B January 72,600 C February 60,500 D March 66,550 3 Food $23,232.00 $19,360.00 4 Total sales 5 Cost of Sales 6 Food 7 Total cost of sales 8 Gross profit 9 Controllable Expenses $95,832.00 $79,860.00 $21,296.00 $87,846.00 24% 24% $22,999.68 $19,166.40 24% $21,083.04 $95,599.68 $79,666.40 $232.32 $193.60 $87,633.04 $212.96 9,000 9,000 9,000 10 Salaries and wages $10,890.00 $9,075.00 $9,982.50 11 Marketing $1,000.00 $1,000.00 $1,000.00 12 Other controllable expenses $10,000.00 $10,000.00 $10,000.00 13 Total controllable expenses $30,890.00 $29,075.00 $29,982.50 14 Noncontrollable Expenses 15 Occupancy costs $2,000.00 $2,000.00 $2,000.00 16 Total noncontrollable expenses Operating Profit and Income 17 Before Depreciation and Taxes 18 19 20 21 22 23 24 25 26 27 28 Week 7 Assignment + Ready Type here to search E F G H | W X 58F 12:21 AM 10/17/2021 + 100%

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Lets calculate the operating budget for Luckys for January through March of the upcoming yearSales F... View the full answer