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• W129918189 abstract "Times are tough in the restaurant industry. Because of the weak economy, the number of people eating out has fallen at the same time that the costs of producing and serving meals have increased. To coax more customers into dining away from home, restaurants are exploring and implementing marketing and promotion efforts. This article, however, will focus on meal costs by examining an integrated cost control analysis. First, we will explain the traditional cost variance framework, then apply it to the control of labor and food costs in a restaurant operation. Next, we will discuss the considerations in setting cost standards, illustrate calculations of cost variances, and propose possible interpretations of the calculated variances. Throughout the effort, Legends of Notre Dame Restaurant and Alehouse Pub (LEGENDS) serves as the primary example, and there are five supporting examples. Cost variance analysis begins with the accounting processes of determining theoretical costs, setting cost standards, collecting actual costs, and ending with evaluating performance. Properly determining theoretical costs in the restaurant business involves setting standard recipes and preparation procedures for every menu item. Setting cost standards is the next step in this process. The standard or expected cost is the total cost that should occur for an actual level of activity within the restaurant. An example dealing with Irish Nachos at LEGENDS will reveal in greater detail that standard costs vary from theoretical costs as the result of a certain degree of unavoidable occurrences in the kitchen. The analysis rounds out with collecting actual costs and evaluating performance evaluation. Expected costs result primarily through analyzing theoretical costs and looking at historical operations. Ideally, this deliberate process involves many people, including purchasing personnel, budget administrators, managers, and possibly kitchen or wait staff. Although actual costs are simply the actual cost of goods or labor during a certain period, collecting actual cost data can be quite difficult. We will discuss this topic thoroughly later. Finally, performance evaluation compares budgeted and actual costs during the period. We can separate the difference between actual costs and budgeted costs (i.e., variance) into subcomponents so we can pinpoint, explore, and address the causes of and responsibilities for the variances. TRADITIONAL COST VARIANCE FRAMEWORK We developed a variance analysis model to evaluate costs that occur in the meal preparation process. To begin, we can express the actual cost of meal preparation, defined as the exact amount the restaurant expended, as the actual quantity of resources (AQ) times the actual per-unit cost rate (AR), or AQ X AR. On the other hand, the budgeted cost represents the desired cost of the preparation process given the actual number of prepared meals. In other words, this is the amount that the restaurant should have expended to produce the actual output. We can express this as the standard quantity of resources used (SQ) for the actual meal preparation level times the standard per-unit rate (SR), or SQ X SR. The total variance is the difference between the actual cost and the standard cost, expressed mathematically as (AR X AQ) - (SR X SQ). If the actual amount exceeds the budgeted amount, we label the variance as unfavorable, and we label the opposite result as favorable. See Table 1 and Example 1 for a summary and application of the traditional cost variance framework. Example 1 Use the following values and the information from Table 1 for Brian's Better Burgers, which sold 1,000 half-pound burgers in the time period being examined: Actual rate/cost $5.95/pound for 580 pounds Actual quantity 0.58 pound per burger (i.e., 580 divided by 1,000) Standard rate/cost $6.00/pound for 500 pounds Standard quantity 0. …" @default.
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• W129918189 date "2013-06-22" @default.
• W129918189 modified "2023-09-23" @default.
• W129918189 title "Managing Meal Costs: Variance Generation, Analysis, and Interpretation" @default.
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