Part C - Complete budget variance and prepare financial report It is now January 202X and second quarter of the financial year is over October to December The accountant prepared the following actual P&L for the months of November and December 2013 PEL Statement for November and December 201X Details November December Revenue Food Sales 78,563 73,984 Beverage Sales 58,621 54,996 Function Sales 99,565 76,536 Total Revenue 235,749 205,516 Operating Expenses Food Cost 44,225 39,815 Beverage Cost 21,656 16,458 Marketing 1.140 980 Rent 18,000 18.000 Telephones 489 Miscellaneous 1,120 1,365 Utilities 3.800 3.715 Wages - Base Salary 74,822 72.984 Superannuation 7.482 7,298 Total Operating Expenses 165,174 161,104 Net Profit or loss 70,575 44,412 of Budgeted Revenue 29.94% 21.61% 1)Complete the following variance report for remaining two months Budget Variance Report November and December 202x Details Budget Actual Variance $ Variance % Budget Actual Variance $ Variance % Revenue Food Sales Beverage Sales Function Sales Total Revenue Operating Expenses Food Cost Beverage Cost Marketing Rent Telephones Miscelaneous Utilities Wages - Base Salary Superannuation Total Operating Expenses Net Profit or Loss % of Budgeted Revenue 1) Prepare a financial report to the owners to brief them about the performance of the budget, including: Impacts from the changes made after the month of October Explain the variations at the end of December Reasons for continued current budget variations Assess existing costs and resources and proactively identity areas for improvement Propose desired budget outcomes. Part C - Complete budget variance and prepare financial report It is now January 202X and second quarter of the financial year is over October to December The accountant prepared the following actual P&L for the months of November and December 2013 PEL Statement for November and December 201X Details November December Revenue Food Sales 78,563 73,984 Beverage Sales 58,621 54,996 Function Sales 99,565 76,536 Total Revenue 235,749 205,516 Operating Expenses Food Cost 44,225 39,815 Beverage Cost 21,656 16,458 Marketing 1.140 980 Rent 18,000 18.000 Telephones 489 Miscellaneous 1,120 1,365 Utilities 3.800 3.715 Wages - Base Salary 74,822 72.984 Superannuation 7.482 7,298 Total Operating Expenses 165,174 161,104 Net Profit or loss 70,575 44,412 of Budgeted Revenue 29.94% 21.61% 1)Complete the following variance report for remaining two months Budget Variance Report November and December 202x Details Budget Actual Variance $ Variance % Budget Actual Variance $ Variance % Revenue Food Sales Beverage Sales Function Sales Total Revenue Operating Expenses Food Cost Beverage Cost Marketing Rent Telephones Miscelaneous Utilities Wages - Base Salary Superannuation Total Operating Expenses Net Profit or Loss % of Budgeted Revenue 1) Prepare a financial report to the owners to brief them about the performance of the budget, including: Impacts from the changes made after the month of October Explain the variations at the end of December Reasons for continued current budget variations Assess existing costs and resources and proactively identity areas for improvement Propose desired budget outcomes