18 Aug Project Requirements For Part 1:Billy’s Gut Busting Buffet –

Project Requirements For Part 1:Billy’s Gut Busting Buffet – Billy is opening a new buffet restaurantand wants to use Excel to build a weekly budget forecast and estimatehis profit. He has inputs and assumptions for revenue and expenses inthe spreadsheet. Now he needs to set up his weekly budget forecast toshow the profit he can expect based on the input he has provided.Research conducted has indicated that the number of customers Billy canexpect in a week is directly tied to the price of an individual buffetmeal (see ‘Buffet Price and associated number of customers’ data inInputs and Assumptions section of start file spreadsheet). All customerswill be charged the same meal price, Billy must determine what price tocharge for a meal ($12, $15, $18).Use an Excel feature in cell B13 to allow a user of this model toclick on cell B13 and select (or set) one of the three buffet meal priceoptions from a dropdown list.In the Weekly Budget Forecast section of the spreadsheet calculateeach revenue item and each expense item for the week as well as theTotal Revenue, Total Expenses, Profit, Profit Margin, and BreakevenQuantity. All of these must be calculated and must contain cellreferences to the inputs and assumptions so that if input values changethe calculated weekly budget values will change as well. Round allvalues to the nearest dollar.Additional Revenue – Billy’s Gut Busting Buffet expects that half thecustomers will order soda. For example if 700 customers visit thebuffet and purchase a meal then 350 of those customers will alsopurchase drinks. If 580 customers visit the buffet then 290 of themwill purchase soda etc. The revenue from each soda is $1.50. Create aformula to calculate this additional revenue from soda in cell C26.Salaries – Create a formula to calculate the salary expense. Thisexpense will depend on the set buffet price. If the buffet price is $18,the lower rate will be used, along with the weekly total revenue, tocalculate the weekly salary expense. When the buffet price is changed,the salary expense should change accordingly.Breakeven Quantity – Calculate how many meals Billy will have to sellto breakeven. Use a formula for this calculation. Note: To check thatyour formula is correct, you can use goal seek.