What do you know about food cost and profit and loss (P&L) statements?

Question

Accepted Answer

Food cost & P&L are crucial for restaurant profitability. Understanding them helps in managing expenses & maximizing profits.

Food cost refers to the cost of ingredients used in preparing a dish
P&L stands for Profit and Loss statement which shows the revenue, expenses, and profits of a restaurant
Managing food cost involves controlling portion sizes, minimizing waste, and negotiating with suppliers for better prices
Analyzing P&L helps in identifying areas where expenses can be reduced and profits can be increased
Regularly monitoring food cost and P&L is essential for maintaining profitability in the restaurant industry

What do you know about food cost and profit and loss (P&amp;L) statements?