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Chapter Seven - Discussion Questions (Pg. 321) Chapter Seven - Exercises (Pg. 322-323) E7.1 If sales revenue is $6,800 and variable costs are $2,856, what is the variable cost percentage? Sales Variable cost Variable rate $6,800 $2,856 E7.2 If sales revenue is $48,840 and variable costs are 43% what is the dollar contribution margin? Sales Variable cost Contribution in dollars $48,840 43.0% E7.3 You are asked to cater a buffet for 70 people at $18/person. Your variable cost is 68% and fixed costs are $100 per day. Calculate contribution margin in dollars and operating income. Should you accept? Customer count Price Variable cost Fixed cost Revenue Variable cost at 68% Contribution margin Fixed cost Operating income 70 $18.00 68% $100.00 100 E7.5 Use the High-Low Method with the following data to determine the variable cost per guest and the total fixed costs, using both the high and the low data to confirm calculations. Maximum Minimum Difference or Guests 18,000 12,000 Labor Cost 25,500 18,000 Variable Cost per Guest Maximum Labor Cost Variable Cost for High Data Fixed Cost 25,500 Minimum Labor Cost Variable Cost for Low Data Fixed Cost 18,000 If your answer is correct the fixed cost computation must be the same for high and low E7.8 You are offered a five year lease at a fixed cost of $42,000 per year or a variable lease rate equal to 10% of revenue. Sales are projected to be $505,000. Find the indifference point and determine which lease offer you would accept. Fixed lease cost Variable lease rate Sales projection Indifference point $42,000 10% $505,000 Chapter Seven - Problems (Pg. 323-324) P7.1 Using the concept of relevant costs over a five year period, which model is the lowest cost alternative? Cost Estimated life Trade In value after 5 years Cash from sale of current machine Installation cost Training cost Annual labor cost Annual maintenance cost Annual supplies cost Total Relevant One-Time Costs Total Relevant Annual Costs Total Relevant Five Year Costs Recommendation: Model A $5,000 5 years 1,000 200 80 350 32,000 275 175 Model B $5,500 5 years 1,200 200 120 300 32,000 300 225 Model C $5,300 5 years 800 200 100 325 32,000 250 200 Relevant? Chapter Seven - Problems (Pg. 324) P7.2 Fixed costs of the banquet unit are $350/day. An event for 100 guests has a food cost of $6.50/person, labor costs of $2.75/person and other variable costs of $1.25/person a. Calculate the total cost per person at this event Total Fixed Costs Food/guest Labor/guest Other costs/guest Total Variable Cost/Guest Fixed Cost per Guest Total Cost per Guest $350 6.50 2.75 1.25 b. What should the total price and total price per person be if a 20% operating income is desired? Price Per Guest (20% margin) Total Revenue (20% margin) c. Customer is a regular and does not want to pay more than $13.75/person. No other event could be booked. What are the comparative costs? Would you accept that price?. Function accepted at $13.75 Total Revenue Food Cost Variable Wage Other Variable Costs Fixed Costs Total Cost Net Loss Function not accepted sts has a food cost of 1.25/person erating income is desired? rson. No other event could be ?. Chapter Seven - Problems (Pg. 325-326) P7.4 Use the following quarterly income statements for a resort restaurant in this analysis: Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Revenue Cost of Sales Gross Margin $86,400 32,800 53,600 $97,000 35,900 61,100 $89,400 33,100 56,300 $46,400 18,100 28,300 $319,200 119,900 199,300 Wages Supplies Advertising Utilities Maintenance Insurance Interest Depreciation Rent Total Expenses 32,000 1,900 900 2,600 450 1,200 750 700 6,000 46,500 35,900 2,200 900 2,900 450 1,200 750 700 6,000 51,000 33,100 1,970 900 2,680 400 1,200 750 700 6,000 47,700 17,800 1,100 600 2,400 400 1,200 750 700 6,000 30,950 118,800 7,170 3,300 10,580 1,700 4,800 3,000 2,800 24,000 176,150 Operating Income/(Loss) $7,100 $10,100 $8,600 ($2,650) $23,150 The owner is considering closing the restaurant during the fourth quarter to eliminate the loss. Make a recommendation about this idea after completing the table on Quarter 4 Fixed and Variable Expenses. Recommendation: Closed in Quarter 4 - Fixed Expenses ate the loss. Make a Variable Expenses. Chapter Seven - Problems (Pg. 327) P7.6 Consider the following data on two motels which are both for sale. Revenue Variable Costs Fixed Costs Operating Income Present Condition Jacks $550,000 55.0% 212,500 Jocks $550,000 60.0% 185,000 After purchase it is believed that both restaurants could have sales increased by 25%. Jacks could have interest expense lowered by $12,000. Jocks could have variable expenses reduced to 54%. Calculate the new income statement for each motel. After Purchase and Changes Jacks Revenue Variable Costs Fixed Costs Operating Income 55.0% Jocks 54.0% Make a recommendation on which to buy and give any cautions you feel appropriate: Chapter Seven - Problems (Pg. 328) P7.9 Consider the following sales and wage cost information for a restaurant: January February March April May June July August September October November December Total Revenue 11,200 13,000 14,900 19,100 22,000 24,200 26,300 27,400 23,500 20,100 18,200 16,000 $235,900 Wages 5,300 6,100 6,200 7,000 9,000 9,600 9,700 10,100 8,300 7,600 8,000 7,100 $94,000 High or Low? Now identify the high and low months and conduct a High-Low analysis of the data to determine Variable Cost % and Fixed Costs in the High and Low months. Maximum Minimum Difference or Revenue Wages Variable Cost Percentage Maximum Labor Cost Variable Cost for High Data Fixed Cost Minimum Labor Cost Variable Cost for Low Data Fixed Cost Finally, using the calculated Variable Cost %, give the breakdown of Total Annual Wages into Fixed and Variable components. Percentage Total Annual Wages Variable Cost Total Fixed Costs Total Dollars $94,000