Question

Assuming the manager desires a 0.31 food cost percentage from the sale of the steak platter, what would be the selling price of the steak platter?

Answer 1

To calculate the selling price of the steak platter to achieve a 0.31 food cost percentage, use the formula: Selling Price = Cost Price / (1 - Food Cost Percentage)

Step-by-step explanation:

To determine the selling price of the steak platter to achieve a 0.31 food cost percentage, we need to use the formula:

Selling Price = Cost Price / (1 - Food Cost Percentage)

Let's assume the cost price of the steak platter is $C.

So, the selling price will be Selling Price = $C / (1 - 0.31)

By substituting the given values, we can calculate the selling price of the steak platter.