Homework Answers
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Q#1) The cost of food available for sale for month was:
=Beginning value of inventory + the cost of food purchased
=3000+9000
=$12,000
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(2.- Problem 1 A restaurantskarted the month with a food inventory of $3,000 in the storeroom....
5120 Problem 3 m3 Stoo - 3150 The accounting records for a restaurant indicate that food...
5120 Problem 3 m3 Stoo - 3150 The accounting records for a restaurant indicate that food sales were $25,000, food used was $8,100, and employee meals at cost were $75. What is the gross profit?
Problem 4 ant started the month with a food inventory of $2,000. Its purchases for the...
Problem 4 ant started the month with a food inventory of $2,000. Its purchases for the month were $10,000 and its cost of food used was $9,000. What is its ending inventory? Problem 5 A restaurant ended the month with a food inventory of $4,000. Its purchases for the month were $12,000 and its cost of food used was $11,000. What was its beginning inventory? Problem 6 An asset was purchased at a cost of $20,000. It is being depreciated...
Problem 8 ulate the cost of food sales under a periodic inventory system for the period...
Problem 8 ulate the cost of food sales under a periodic inventory system for the period ended October 31 given the following information: Inventory on October 31 is $7,000 Sales for the period were $200,000 Purchases for the period were $69,000 Inventory on September 30 was $8,000 loyee meals for the period were as follows: $500 Rooms Department 900 Food Department Administrative and General Department Free employee meals to
A restaurant at which the periodic inventory system is used had the following Food sales: &nbs
A restaurant at which the periodic inventory system is used had the following Food sales: $467,320 Last month’s ending inventory: $27,000 Purchases this month: $186,662 Ending inventory this month: $50,000 Employee meals: $100 Number of customers: 11,000 Seats occupied: 11,000 Seats not occupied: 600 a. what is the cost of food sales from this information? b. what is the food cost %? c. what is the average check?
Part B: The Burdette Café's beginning and ending food inventory for 20X4 total $12,000 and $14,000,...
Part B: The Burdette Café's beginning and ending food inventory for 20X4 total $12,000 and $14,000, respectively. Activity during 20X4 was as follows: (1) Food purchases (2) Employee meals (3) Promotional meals (4) Food sales $160,000 $3,000 $2,000 $480,000 du nyblood obollos braba Required: 1. Compute the food cost percentage. 2. Compute the food inventory turnover for 20X4.
schedule Problem 8 is an excellent food manager but needs your assistance in preparing the nent...
schedule Problem 8 is an excellent food manager but needs your assistance in preparing the nent schedule for 20X8 according to the USALI. Andrew Bromley is an exc food department sch $850,000 45,000 12,000 2,000 Revenue information: Venue food revenue Service charges Meeting room rentals Allowances Expense information: Food purchases Transfers from beverage department Cost of employee meals Complimentary food-marketing Transfers to beverage department Salaries (management) Wages (non-management) 300,000 500 10,000 1,000 300 70,000 200,000 3,000 25,000 128 Chapter 3...
Problem 1 Compute the cost of sales from the following information. Food Sales Cost of Food...
Problem 1 Compute the cost of sales from the following information. Food Sales Cost of Food Used Employee Meals Served $80,000 23,000 500 Problem 2 Compute the gross profit from the following information: Sales Cost of Sales Payroll Operating Expenses $100,000 33,000 30,000 12,000
During its first month of operations, Purrfect Pets purchased 5,800 bags of dog food at a...
During its first month of operations, Purrfect Pets purchased 5,800 bags of dog food at a cost of $2 a bag and sold all 5,800 bags of dog food on account with payment terms of $ 1/10, net 30 for $10 each. A total of 2,800 of these bags were sold to customers who paid within the discount period; the other customers paid after the discount period had ended. Sales allowances totaling $200 were granted to customers whose dogs did...
Problem 15 2009 Cost of Good avail 11.000 Havo -700=4200) A hospitality business uses the periodic...
Problem 15 2009 Cost of Good avail 11.000 Havo -700=4200) A hospitality business uses the periodic inventory system. On November 1. the for inventory was $2,000. During November, food purchases totaled $9,000 and free emplover meals were $200. The cost of food sales for the month equaled $4,000. What is the ending inventory on November 30? be 2
Problem 1 Lewis is a merchandising company. Each month they buy the inventory that they...
Problem 1 Lewis is a merchandising company. Each month they buy the inventory that they expect to sell the next month. Then they pay for it 50% in the month of purchase and 50% the next month. The purchase price is $50. The sales commission is 6% and is paid in the month following the sales. Variable costs are 20% of sales and is paid 80% in the month incurred and 20% the following month. Fixed costs...
5120 Problem 3 m3 Stoo - 3150 The accounting records for a restaurant indicate that food sales were $25,000, food used was $8,100, and employee meals at cost were $75. What is the gross profit?
Problem 4 ant started the month with a food inventory of $2,000. Its purchases for the month were $10,000 and its cost of food used was $9,000. What is its ending inventory? Problem 5 A restaurant ended the month with a food inventory of $4,000. Its purchases for the month were $12,000 and its cost of food used was $11,000. What was its beginning inventory? Problem 6 An asset was purchased at a cost of $20,000. It is being depreciated...
Problem 8 ulate the cost of food sales under a periodic inventory system for the period ended October 31 given the following information: Inventory on October 31 is $7,000 Sales for the period were $200,000 Purchases for the period were $69,000 Inventory on September 30 was $8,000 loyee meals for the period were as follows: $500 Rooms Department 900 Food Department Administrative and General Department Free employee meals to
Part B: The Burdette Café's beginning and ending food inventory for 20X4 total $12,000 and $14,000, respectively. Activity during 20X4 was as follows: (1) Food purchases (2) Employee meals (3) Promotional meals (4) Food sales $160,000 $3,000 $2,000 $480,000 du nyblood obollos braba Required: 1. Compute the food cost percentage. 2. Compute the food inventory turnover for 20X4.
schedule Problem 8 is an excellent food manager but needs your assistance in preparing the nent schedule for 20X8 according to the USALI. Andrew Bromley is an exc food department sch $850,000 45,000 12,000 2,000 Revenue information: Venue food revenue Service charges Meeting room rentals Allowances Expense information: Food purchases Transfers from beverage department Cost of employee meals Complimentary food-marketing Transfers to beverage department Salaries (management) Wages (non-management) 300,000 500 10,000 1,000 300 70,000 200,000 3,000 25,000 128 Chapter 3...
Problem 1 Compute the cost of sales from the following information. Food Sales Cost of Food Used Employee Meals Served $80,000 23,000 500 Problem 2 Compute the gross profit from the following information: Sales Cost of Sales Payroll Operating Expenses $100,000 33,000 30,000 12,000
Problem 15 2009 Cost of Good avail 11.000 Havo -700=4200) A hospitality business uses the periodic inventory system. On November 1. the for inventory was $2,000. During November, food purchases totaled $9,000 and free emplover meals were $200. The cost of food sales for the month equaled $4,000. What is the ending inventory on November 30? be 2
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