Within the Discussion Forum area, write up to 300–600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.

You are currently the general manager for a restaurant that is part of a multiunit chain. Since you took over, your food and labor cost has consistently been within the budget. Your district manager has been very impressed with your control over these costs and has asked you to discuss your successes in the next general managers' meeting. She would like you to explain the process of computing food and labor costs and all the steps involved, and she wants you to share your best practices.

• How should you properly record product and labor costs, and why is this significant to the success of the restaurant?
• How should you determine actual costs for food and labor, and why is this significant to the success of the restaurant?
• How do you determine cost percentages for food and labor? How can this contribute to the success or failure of a business?
• Provide an example of how you might compare actual costs compared to budgeted costs.