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1:02 LTE ... 6 Project #1 You are the cost accounting manager for Dave's Seafood Restaurant. You have just received word that, due to the COVID 19 Virus, you must suspend all operations except take out. You operate in one location in Ct, have 20 full and part time employees and two departments (meals and liquor) with 14 employees for food and 6 for liquor. All employees are variable and are paid $14 per hour and work an average of 1,200 per year each. 1. Prior to the closure, please prepare what a budget would look like for this business if sales were $2,000,000 ( $1,200,000 from food and $800,000 form liquor ) and margin for food was 18% and Liquor was 55%. Use the revenue less variable cost = margin less fixed costs = profit format for each department. Hint: show three columns across, Food, Liquor, Total 2. When answering item #1, please list specific variable costs for each department and specific fixed or period costs for each department. Fixed costs equal 10% of sales for food and 20% of sales for liquor. o Reply 1:02 vil LTE 7 8 liquor ) and margin for food was 18% and Liquor was 55%. Use the revenue less variable cost = margin less fixed costs = profit format for each department. Hint: show three columns across, Food, Liquor, Total 2. When answering item # 1, please list specific variable costs for each department and specific fixed or period costs for each department. Fixed costs equal 10% of sales for food and 20% of sales for liquor. 3. Assume you originally planned to sell each meal at $22 and each bar beverage at $8. What was you original budgeted quantity 4. What is your original break even quantity of meals and beverages. 5. Dave estimates that after he complies with the order, liquor sales will be $0 and food sales will be $600,000. Prepare a new P&L with these assumptions and calculate the profit or loss on $600,000 of food sales. 6. Please provide general comments as to what costs Dave would have to cut in order to comply with the order and comment on the general effect to the community. Reply 1:28 ..1 LTED the language and left some items open. 8 So for example, when you do the food P&L it would look like this: Revenue $1,200,000 Variable costs: Labor $(232,500) (1,200 hours x 14 employees x $14 per hour) Raw Material and OH $(751,500) These are simple fill in the blanks Total variable $(984,000) Margin $216,000 (18% - provided this %) Fixed Costs $ 120,000 (10% of sales - I gave you that in the problem Profit $96,000 This should help you with the project. If you have already submitted it, you certainly can update any of your work. Dave Reply