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Chapter 10, Question 4 Singobilie runs a restaurant in an East Coast city that specalzes...

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Accounting

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Chapter 10, Question 4 Singobilie runs a restaurant in an East Coast city that specalzes in African-American cuisine. She has s compiled her sales and cost data from last year, and she wants to develop a budget for this year. She has projected the following increases for this year Projected Increases Meals served 3% Selling price per meal 2% Cost of food 5% Cost of labor 10% Other expenses 2% Using this information, help Singobile complete her budget Last Year Meals served Selling price per meal 122,000 $12.50 Last years food cost per meal: Last year's food cost per meal + Estimated increase: Estimated cost of food this year: Last year's labor cost per meal: Last year's labor cost per meal Estimated increase: Estimated cost of labor this year: Last Year $ Last Year % Budget $ Budget % Revenue Cost of food Cost of labor Other expenses $1,525,000.00 $610,000.00 $488,000.00 $245,760.00 Total expenses Profit $1,343,760.00 $181,240.00 The owner of the restaurant has requested that Singobile make at least a 10 percent profit for this year Based on her budget figures, is she likely to meet this goal? If not, what can she do to achieve a 10 percent profit? Answer apter 10

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