F&B CONTROL SYSTEM MIDTERM 1. February food sales - 800,000.00. 2. February beverage sales - 350,000.00. 3. Cost of Goods Sold (March 1-12) - 140,000.00. 4. Food Cost (March 1-12) -75% of COGS. 5. Restaurant bought meat products (March 13-19) for its menu - 65,000.00. 6. Restaurant bought vegetables (March 13-19) for its menu - 10,000.00. 7. Restaurant bought condiments (March 13-19) for its menus - 3,000.00. 8. Restaurant bought products and ingredients for the beverages to be sold - 25,000.00. 9. The food cost and beverage cost on March 20-26 is the same as for March 13-19. 10. For March 27-31, the food cost is 10% lesser than the food cost of March 20-16. 11. The beverage cost for March 27-31 is 80% of the beverage cost of March 13-19. 12. March food sales is 10% higher than February. 13. March beverage sales is 15% higher than February. 14. There are 6 dining staff who worked for 25 days each for the whole month of March. 15. The dining staffs are compensated for 450 pesos every day. 16. There is a restaurant manager who gets a fixed salary of 30,000 pesos every month. 17. There are 4 personnel who are manning the kitchen. Three of them earn 500.00 pesos every day and the other one who serves as the kitchen supervisor earns 150.00 pesos higher. 18. There are 2 dishwashers earning 350.00 pesos every day. 19. All the kitchen personnel worked 25 days for the month of March. 20. There is a monthly incentive budget every month allotted for the employees but it was 2,000.00 pesos higher for the month of March. 21. Employee overtime pay for the month is 12,500. 22. Rent of the restaurant is 35,000.00. 23. Meralco bill is 25,750.00. 24. Water bill is 3,000.00 25. Internet monthly fee is 1,500.00 26. The restaurant has an independent/contractual individual that manages the restaurant's social media posts every month. It pays the individual monthly for only 7,000.00. 27. The manager bought office supplies that will last for several months for the amount of 1,500.00. Create an Income Statement similar to the one shown below. SALES Food Beverage 620,000.00 190,000.00 Total Sales 810,000.00 Less: COGS (Cost of Goods Sold) Food 223,200.00 Beverage 45,600.00 Total COGS 268,800.00 GROSS PROFIT 541,200.00 Less: EXPENSES Salaries and Wages 102,000.00 Employee Benefits 20,400.00 Occupancy Costs 49,000.00 Electricity Expense 23,200.00 Water Expense 4,640.00 Internet Interest Expenses Total Expenses PROFIT/LOSS 1,160.00 5,000.00 205,400.00 335,800.00 If the restaurant targets the food cost to be between 30-33% and beverage cost between 20-23%, did the restaurant achieve its goal for the month of March. Explain why or why not?