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SITXFIN004 Prepare Budgets Assignment_E

SITXFIN004 Prepare Budgets Assignment_E

SITXFIN004 Prepare Budgets Assignment_E


INSTRUCTIONS (for assessments not embedded within the LMS):-

• The assessment must be written using an industry standard software package such as Microsoft Word, Excel, PowerPoint, etc.

• Name the file using the assessment task number and then save your file.

• Ensure your submission identifies the unit code and title, the assessment task number and the name of the assessment at the top of the page. Alternatively, you may place this information in the document header.

• Add your name and student number to the headeror footer on every page.

• On completion, submit your assessment to your assessor via the LMS.

Learner assessment guide and evidence:-

This assessment requires you to monitor and review budgets.

You are required to do the following:-

• Complete Tasks 1,2 and 3 in Assessment E.

• Answer all the questions.

• You can use accounting software to prepare your budgets for all tasks.


Mario’s Delicatessen is situated in a major shopping centre between two well-known supermarket chains and is open seven days a week from 8.30am to 6pm. The delicatessen offers an international range of fresh, frozen and pre-packaged products and specialty breads. It sells a range of whole roasted coffee beans and has a small café that makes the best espresso coffees in the shopping centre.

Three brothers are equal partners in the business and share the workload, with all other staff employed as casuals.

The business has been operating at a food cost of 20% and beverage cost of 18% for the past 12 months. However, in this budget, the brothers want to reduce their cost of goods and bring food costs down to 16% and beverage costs to 14%. They plan to source new suppliers for their products, reduce wastage with better stock rotation and careful attention to use-by dates, and possibly discontinue some of their more expensive product lines.

The expense budget includes an increase in utilities costs of around 12%. New procedures are going to be put into place to reduce electrical and gas usage to try to reduce the impact of the price rise.

Casual wage rates are also expected to rise and this has been factored into the budget.

One of the supermarkets will undergo a major renovation from September to November. As the supermarket will still be operating during the renovation period, the brothers believe this should have no effect on sales in the deli, so no adjustments to the sales budget have been made.

Task 1: Prepare a revenue budget:-

• Go to your Course files, open Assessment E_Documents and complete Task 1: Prepare a revenue budget.

• Based on the information provided, complete the revenue budget for Mario’s delicatessen.

• Save your document. You don’t have to submit it yet.

Task 2: Prepare an income statement:-

• Using the same Course file, Assessment E_Documents complete Task 2: Prepare an income statement.

• Based on the information provided and the results of Task 1, prepare an income statement for Mario’s delicatessen.

• Save your document. You don’t have to submit it yet.  

Task 3: Question and answer:-

• Answer all the questions.

• Base your responses on the outcomes from Tasks 1 and 2.

Q1: What information contained in the income statement are important performance indicators for the business?

Q2: Which variances are favourable and unfavourable results for the business? Give three examples of each.

 Favourable

 Unfavourable

Q3: What could be the possible causes of the budget variances? Consider what changes to the internal or external environment might have contributed to the deviations.  

Q4: What actions (if any) could the brothers take to reduce the possibility of the unfavourable variances occurring again?

Q5: What adjustments might need to be made when preparing future budgets as a result of the outcomes of this budget?  

Assessor checklist:-

To be completed by the assessor.

SITXFIN004 Prepare Budgets Assignment_E

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