STU Hospitality GroupScenario: Prepare Budget and Control CostsData:Budgeted Costs:Food Costs: $100,000Labor Costs: $50,000Operating Expenses: $30,000Actual Costs:Food...
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Accounting
STU Hospitality Group
Scenario: Prepare Budget and Control Costs
Data:
- Budgeted Costs:
- Food Costs: $100,000
- Labor Costs: $50,000
- Operating Expenses: $30,000
- Actual Costs:
- Food Costs: $105,000
- Labor Costs: $55,000
- Operating Expenses: $32,000
Requirements:
- Prepare a flexible budget based on actual sales and costs.
- Calculate the variances for Food Costs, Labor Costs, and Operating Expenses.
- Analyze the variances and identify potential causes.
- Discuss strategies to improve cost efficiency and budget adherence at STU Hospitality Group.
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