4/5 Question 2 The Tasty Platter Restaurant The following information relates to budget and actual results of The Tasty Platter Restaurant, a popular restaurant in the centre of Dublin, for the first quarter (three months) of the current financial year. Budget Number of covers (customers) 76,000 Average spend per customer Food & Beverage cost per customer Variable costs per customer Fixed labour cost Fixed overhead cost 10.00 4.00 1.20 158,000 78,000 Actual Results Number of covers (customers) 83,000 Sales Revenue Total Food & Beverage cost Total Variable costs Fixed labour cost Fixed overhead cost 705.500 290,500 87,150 165,000 65,000 Required: a) Prepare a statement showing the fixed budget, the flexible budget, the actual results and the variances for the quarter. (40 Marks) b) Prepare a statement reconciling the original budgeted profit with the actual results. (20 Marks) c) Prepare a report evaluating the results you have prepared and suggesting possible causes for the variances. (40 Marks) (Total 100 Marks) PTO