Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I am struggling with the excel inputs on this homework question, please help! 5 Case 4 6 7 Sinqobile runs a restaurant in an East
I am struggling with the excel inputs on this homework question, please help!
5 Case 4 6 7 Sinqobile runs a restaurant in an East Coast city that specializes in African-American cuisine. She has compiled her sales and cost data from last year, and she wants to develop a budget for this year. She has projected the following increases for this year: Projected Increases 8 9 10 11 Meals served 4% 12 Selling Price per meal 2% 13 Cost of food 5% 14 Cost of labor 10% 15 Other expenses 2% 16 17 a. Using this information, help Sinqubile complete her budget: (5 points) 18 19 20 Last Year Budget 21 Meals served 122,000 22 Selling price per meal $12.50 23 24 25 Last year's food cost per meal: 26 Last year's food cost per meal + Estimated increase: 27 Estimated cost of food this year: 28 29 Last year's labor cost per meal: 30 Last year's labor cost per meal + Estimated increase: 31 Estimated cost of labor this year: 32 33 Last Year $ Budget $ 34 Revenue $1,525,000.00 35 Cost of food $610,000.00 36 Cost of labor $488,000.00 37 Other expenses $245,760.00 38 Total expenses $1,343,760.00 39 Profit $181,240.00 40 41 42 b. The owner of the restaurant has requested that Sinqobile make at least a 10 percent profit for this year. Based on her budget figures, is she likely to meet this goal? If not, what can she do to achieve a 10 percent profit? (1 point) 43 44Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started