2 Assignmnt b: Take a look at the budget for Milano cafe provided below and the actual figures on the following budget completed for the year 2016/17: 1. Calculate the variances in percentage terms and state if they are favourable or unfavourable (to two decimal places). Statement of Financial Performance or P & L Statement Milano Cafe Budget 2016/17 Budget items Budget Actual Variance $$ Variance Analysis Favourable or 9 Descriptions Unfavourable 10 Description Budget= B Actual = A V= A-B 7%= V/B (F /UF) 11 Income 12 Breakfast - food $475 000 $502 020 27020 5.68% F 13 Breakfast - Bey $22 400 $25 300 2900 2.95% F 14 Lunch - Food $620 000 $485 360 134640 -21.71% UF 15 Lunch - Bev $180 500 $135 780 -44720 24.76% UF 16 Dinner - Food |$812 000 $835 000 23000 2.83% F 17 Dinner - E $236 000 $215 120 20860 -8.84% UF 18 Functions - Food $362 000 $450 630 88630 24.48% F 19 Functions - Bev $121 700 $210 360 88660 72.85% F 20 Total $2 829 600 $2 859 570 29970 21 Expenses 22 Purchases Food $559 000 $620 120 564220 10.93% UF 23 Purchases Bey $112 000 $152 810 40810 36.44% UF 24 Wages $854 600 $1 000 180 145580 17.03% UF 25 Superannuaten $81 187 $95 017 13830 17.03% UF 26 Rent $80 000 $80 000 27 Marketing $45 000 $32 300 -12700 -28.22% F 28 Waste dispose $2 900 $3 100 200 6.90% UF 29 Office supplies $3 900 $5 100 1200 30. 78% UF 30 WorkCover $16 000 $15 000 1000 5.25% UE 33 34 2. Take a close look at the wages and show calculations to show if the actual figures are favourable 35 to the budget estimates or unfavourable to budget estimates when compared to sales 36 37 38 39 40 41 3. Take a close look at the food cost and show calculations to show if the actual figures are favourable to the budget estimates or unfavourable to budget estimates when compared to sales. 43 44 45 46 47 4. Take a close look at the beverage cost and show calculations to show if the actual figures are favourable 48 to the budget estimates or unfavourable to budget estimates when compared to sales. 49