Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 398 Weeks Ago, 2 Days Ago
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 6.00

cost of food

An owner invested $180,000 in a new family-style restaurant, of which $160,000 was immediately used to purchase equipment and $20,000 was retained for working cash. Estimates for the first year of business are as follows:

Menu selling prices to be established to give a markup of 150 percent over cost of food sold Variable wages, 28 percent of revenue

Fixed wages, $51,600

Other variable costs, 7 percent of revenue

Rent, $36,000

Insurance, $4,800

Depreciation on equipment, 20 percent

Return on investment desired, 12 percent

Income tax rate, 30 percent

The restaurant has 60 seats and is open 5 days a week for lunch and dinner only. Lunch revenue is expected to be 40 percent of total volume with 2 seat turnovers. Dinner revenue will be 60 percent of total volume, with 1.25 turnovers. Calculate the average check per meal period that will cover all costs, including desired return on investment.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 07:09 PM My Price 6.00

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