Refer to the "Event Budget & Actual" tab in this spreadsheet. It contains the budget for your planned event, and the actual results for the event. The event & budget are simplified, i.e. only one food item and one drink item per event. Only food & drink expenses are included in this analysis (i.e. there is no labour component). The budget includes detailed information for an event income statement, so that you can assess the profitability of the event, and its contribution to hotel profitability. Use the table template contained in "Event Budget & Actual" tab to complete your profitability & variance analysis. Use standard Excel functions to calculate the values for each field in the table - this will ensure that your workings are visible to the marker. The variance analysis needs to address the following variances:

- Sales variances (Level 1 & 2)

- Beverage expense variances (Main drink) (Level 1, 2, & 3)

- Food expense variance (Main ingredient of the meal served) (Level 1, 2, & 3)

Conduct a variance analysis on your event budget/actual results Explain the impact of the variances on profitability Provide reasons for why the variances occurred Suggest recommendations for how to address similar issues in the future

Event Planning Worksheet Date 44196 Event Time Event Purpose 20:00 New Year's Eve Party Actual Results Category Revenue Registration fee per attendee No. of attendees AU$ Unit Measures AU$ 250.00 $/guest 189 guests SUBTOTALS AU$ 47,250.00 Projected/ Budget Unit Measures 260.00 $/guest 200 people 52,000.00 AU$ Food/Beverage COST Beverage - Prosecco DOC Number of drinks served per attendee Number of total drinks served during the event Quantity per glass Cost per litre from supplier 8 glasses 1512 glasses 160 ml/Glass AU$ 60.00 per litre SUBTOTALS AU$ 14,515.20 5 glasses 1000 glasses 175 ml/Glass 65.00 per litre 11,375.00 AU$ AU$ Food - Atlantic King Crab Number of meals served Quantity per meal Cost per kg 189 meals 210 grams AU$ 140.00 per kg SUBTOTALS AU$ 5,556.60 200 meals 180 grams 145.00 per kg 5,220.00 AU$ AUS 47,250.00 AU$ 52,000.00 Income - Description Registration Revenue AU$ DIRECT COSTS - Cost of Sales (VC) Beverages - Main ingredient costs AU$ Food - Main ingredient AU$ Gross Profit AU$ 14,515.20 AU$ 5,556.60 AUS 27,178.20 AU$ 11,375.00 5,220.00 35,405.00