I’m working on a Accounting question and need guidance to help me study.
Restaurants offer a variety of menu items which have different sizes, ingredients, packaging, and demand. In addition, made-to-order restaurants go one step further and may have different renditions of the same menu items based on how a customer orders them. Take for example, Chipotle, for the same price, steak tacos could be “crispy” or “soft”, may have white, brown, or no rice, may or may not contain one of three types of salsa, could have cheese or sour cream or neither, and may or may not have lettuce, black or pinto beans, or other vegetables. Combinations for that one menu item are virtually endless!
Profit margins in the restaurant industry are small, and operating costs are high. Good product costing is essential for survival in the business. This project option will allow you to apply your knowledge of product costing to the restaurant industry.
1) Select a nationally recognized fast casual restaurant chain that offers made-to-order menu items, except a restaurant primarily engaged in making pizza. Some examples would be Chipotle Mexican Grill, Five Guys, Noodles & Co., Panera Bread, and Dunkin Donuts.
2) Select 3 of its menu items to demonstrate your knowledge of cost analysis for that product. Reminder that pizza restaurants are NOT AN OPTION for this project.
Submit your selected restaurant chain to your instructor and write 1-2 paragraphs on your rationalization for selection, noting which portfolio option you selected, in Microsoft Word. In addition, create a chart in Microsoft Word with the 3 menu items that you have chosen and populate it with the data you have researched on each of those items regarding ingredients, variance in preparation, price point, packaging, accessories, and any other relevant information you feel is helpful.
Your paper must meet the following requirements:
- Your written paper should be 1 page in length not counting the one-page rationalization, title page, and reference page, which you must include.
- Use terms, evidence, and concepts from class readings.
- You need to cite at least 2 sources for this assignment, plus the textbook: Blocher, E., Stout, D., Juras, P., & Smith, S. (2019). Cost management: A strategic emphasis (8th ed.). New York, NY: McGraw Hill. ISBN: 9781259917028.
- The CSU-Global Library (Links to an external site.) is a great place to find resources.
- Your paper must be formatted according to CSU-Global Guide to Writing and APA Requirements (Links to an external site.).
- If you need assistance with your writing style, start with the links under the Research Help and Writing Help tabs on the CSU-Global Library’s (Links to an external site.) homepage.