0
Add your answer:
Earn +20 pts
What is the formula used to determine food cost?
Food Cost refers to two concepts and has two basic formulas:1) Plate Cost= total cost of a menu item / sales priceThis is the cost of a menu item including all the ingredients served with the dish divided by the sales price before tax. This is a theoretical food cost used to forecast your budget and determine what price to sell items at.2) Period End Food Cost = (beginning food inventory + food purchases - food credits - ending food inventory) / sales priceThis is the actual food cost for the restaurant for any given period of time (monthly, weekly, etc.) This is an actual food cost which will include "hidden" costs such as waste, theft, over-portioning and a host of other issues which can affect a restaurant's food cost.For more information, visit the Related Links.
What is the definition of 'foof miles'?
What the question means is the definition of "food miles". This is defined as the distance food is transported from producer to consumer and the actual cost involved.
What is the difference between estimated cost and actual cost?
Estimated cost is the budgeted cost according to the original Project Management. Actual cost represent the actual payments (actual cost of the project). Your question seems related to earned value analysis, which is essentially comparing the budgeted cost/hours against the actual cost/hours.
Describe the sales mix when establishing food and beverage costs?
all actual sales & cost stranded & the sales %
Is food cost high because you purchased too much?
Food cost is a percentage created from a lot of variable factors. Waste, Theft, and the actual varience of the foods cost through out the month factor in to your food cost. If you keep control of your waste by avoiding mistakes and keeping track of and compansate for all waste and control foor givin away or going out the back door you will have a low food cost percentage of your profits.
Is Standard Cost same as actual cost?
Standard cost is that cost which is budgeted at start of production while actual cost is that cost which actually incurred by business both of them can be same if actual cost incurred is same as allocated or determined in budgeting process using standard cost otherwise there will be difference.
What are the parts of market list?
item actual cost estimated cost unit quantity description
What is favourable?
A favorable variance is the difference between the budgeted or standard cost and the actual cost. If the actual cost is less than budgeted or standard cost, it is a favorable variance.
What is favourable variance?
A favorable variance is the difference between the budgeted or standard cost and the actual cost. If the actual cost is less than budgeted or standard cost, it is a favorable variance.
How do you define food cost?
FOOD COST- ($)COST YOU SPEND ON FOOD( WHICH IS ALOT) :D
What does cost implication means?
The term cost implication means the actual cost that something will entail. For instance, if a person wants to decide how much having a child will cost, he has to take into consideration all the cost implications that are involved with raising a child, such as food, clothing, medical expenses and school.
Difference between standard cost actual cost and normal cost?
prices
