Part A - Theory This course provides the students with the basic concepts of mathematical processes, including metric/Imp/US conversions as applied in the hospitality industry. Identification and calculation of revenue cost and expenses. Topics covered are: identification of cost, cost control terminology, projected cost, COGS, hidden costs, yield and yield cost in food production. Identification of theoretical and physical cost control flow from cash receipt to standard recipes, to production and inventory. Production labour calculations. Costing principles involved in establishing a selling price that provides the desired rate of gross profit and cost percentage. Variance calculation of budgeted sales and costs compared to actual. Calculation of sales mix, popularity index, cost percentages and gross profit margins. Analysis of a weekly sales performance summary and calculation of equipment depreciation, service and maintenance cost.
Part B - Practical In this applied component of the course, students are required to practice usage of: standard recipes, recipe quantity conversions, calculating portion cost/selling price, butchers yield tests and other yield calculations, calculating direct labour cost, calculating actual vs. projected food and labour cost variances, calculating menu prices based on costed standard recipes taking in consideration cost of goods sold, desired product cost percentage, prime cost percentage (purchase prices, cost of inventories, waste and over-production), calculating portion selling prices based on common, identified principles. Calculation of equipment costs depreciation, service and maintenance.
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