You are writing up a report for the Hotel Manager to discuss this month's budget vs actual results.

Based on this summary statement:

Provide a brief overview of how the hotel performed.

Revenue Cost of Sales Gross Margin Operating Expenses Operating Income Budget Actual $500,000 $450,000 $375,000 $325,000 $125,000 $125,000 $50,000 $50,000 $75,000 $75,000