FS based on notes Flashcards
how many hours per week?
40
how many weeks per year?
52
how many hours per year?
2080
how many hours per month?
173
What is minimum # of employees needed to staff the facility?
absolute FTE
what takes into account the benefit days and days off?
adjusted FTE
What is the formula for FTE/day?
(labor hours worked/day)/8 hours
what is the formula for FTE/week?
(labor hours worked/week)/ 40 hours
what is the formula for FTE/year?
(labor hours worked/year)/2080 hours
Labor turnover rate
(# of employees terminated and replaced) /total positions in department) X 100
meals per productive labor hour
total meals produced/productive labor hours
meals per labor labor minute
total meals produced/productive labor hours= meals per labor hour/60 minutes= meals per labor minute
food cost per meal
1st step: food cost
food purchases +food removed from inventory
or
beginning inventory -ending + food purchases
2nd step:
food cost/total meals prepared
food cost %
total food cost/total sales
factor generated meal count
midnight census X 2.7
cash meals produced
total cash sales/meal count factor
To convert the value of dispensed floor stock purchases to # of meals
total cost of floor stock/ meal count factor
Inventory value
number of itemsX price of each item
acceptable guideline for Inventory value
1.5X the total weekly food and supply cost
inventory turnover
inventory value/ food cost
What is the single most important financial repor prepared by management?
operating report
What summarizes labor, food, and supply costs and enables user to calculate cost per meal?
operating report
What is process of planning for prospective needs and allocating the necessary resources to support the plan>
operating budget
incremental budget
last year’s actual costs + expected adjustments
