chapter 10, Question 8 V. K. Sing is the manager of the Knight Kap restaurant. V. K. is preparing his budget for next yea and would like to estimate his beverage revenue and expense. V. K. kept careful sales records from last year, and these are listed below and cost Last Year Beverage Revenue and Expense: Knight Kap Guests Served Selling Price Beverage Cost Beer Wine 3,500 4,800 2,500 $8.50 $16.00 $12.00 $1.70 %4.80 $1.80 Spirits V. K. has made the following assumptions about next year . The cost he will pay for alcoholic beverages will increase by 2 percen in all of t categories V. K. will increase the selling price of all alcoholic beverages by 5 percent. The number of guests served will increase by 2 percent for beer, 2 percent for wine, and 3 percent for spirits To help V. K. prepare next year's beverage revenue and expense budget, calculate the following for each of his three beverage types 1. Forecasted total beverage revenue 2. Forecasted total beverage cost Projected Changes (Percentage Increases or Decreases Guests Served Selling Price Beverage Beer Wine Spirits Forecasted Beverage Revenue and Expense Forecast: Knight Kap Total Beverage Total Beverage Beverage Revenue Guests Served Selling Price Beverage Cost Cost % Cost Beer Wine Spirits Total