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?
Homework Answers
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A restaurant at which the periodic inventory system is used had
the following
Food
sales: &nbs
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
(2.- Problem 1 A restaurantskarted the month with a food inventory of $3,000 in the storeroom....
(2.- Problem 1 A restaurantskarted the month with a food inventory of $3,000 in the storeroom. Durin month food purchases totaling $9,000 were delivered to the storeroom and food to $8,000 was issued from the storeroom. What was the cost of food available for the mon som and food totaling Problem 2 The accounting records for a restaurant indicate that food sales were $18,000, food used was $5,800, and employee meals at cost were $50. What is the cost of...
1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic...
1. Calculate January's
ending inventory and cost of goods sold for the month using FIFO,
periodic system.
2. Calculate January's ending inventory and
cost of goods sold for the month using LIFO, periodic system.
3. Calculate January's ending inventory and
cost of goods sold for the month using FIFO, perpetual system.
4. Calculate January's ending inventory and
cost of goods sold for the month using Average cost, periodic
system
5. Calculate January's ending inventory and
cost of goods sold for...
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San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the month of October 2021: Cost Retail Beginning inventory $35,000 $50,000 Net purchases 19,120 31,600 Net markups 1.200 Net markdowns 800 Net sales 32,000 Required: Estimate the average cost of ending inventory and cost of goods sold for October using the information provided.
Adams Corporation uses a periodic inventory system and the retail inventory method to estimate ending inventory...
Adams Corporation uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the month of September 2018: Cost Retail Cost Retail Beginning inventory $ 22,400 $ 41,600 Net purchases $11,200 ? Net markups $10,900 Net markdowns $2,900 Net sales ? The company used the average cost flow method and estimated inventory at the end of September to be $17,377.50. If the company had used...
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ACC201: Financial Accounting ZYX Pte Ltd had a beginning inventory of 600 units (unit cost $24) for a product for the month of May. Information relating to the purchases and sales for the month were as follows: Purchases Units Cost ($) May 3 400 30 May 10 200 34 May 19 600 40 Sales Units Sales Price ($) May 8 600 60 May 13 500 80 Required: Determine the cost of goods sold and cost of ending inventory for the...
San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate...
San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the month of October 2018: Cost $50,000 17,490 Beginning inventory Net purchases Net markups Net markdowns Net sales Retail $65,000 33,100 2,700 1,550 47,000 Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October. Cost Retail Cost-to-Retail Ratio Beginning inventory Plus:...
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...
Inventory Costing Methods-Periodic Method The Gleem Sales Corporation uses the periodic inventory system. On January 1.2015....
Inventory Costing Methods-Periodic Method The Gleem Sales Corporation uses the periodic inventory system. On January 1.2015. Gleem had 2,600 units of product B with a unit cost of s40 per unit. A summary of purchases and sales during 2015 follows: Unit Units Units Cost Purchased Sold Jan.3 Mar.8 $44 3,000 June 13 Sept.19 46 Nov.23 Dec.28 1,600 2,000 800 48 1,200 1,800 Required a. Assume that Gleem uses the first-in, first-out method Compute the cost of goods sold for 2015...
1) Easton Company uses the periodic inventory system and had the following inventory & sales activity...
1) Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019: Date Activity Quantity Unit Price 5/1 Beginning Inventory 120 $10 5/5 Purchase 190 $12 5/15 Purchase 260 $14 5/25 Purchase 270 $16 Sales were 480 units at $20. Using the FIFO method, determine the dollar value of Cost of Goods Sold for the month of May. 2)Easton Company uses the periodic inventory system and had the following inventory &...
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
(2.- Problem 1 A restaurantskarted the month with a food inventory of $3,000 in the storeroom. Durin month food purchases totaling $9,000 were delivered to the storeroom and food to $8,000 was issued from the storeroom. What was the cost of food available for the mon som and food totaling Problem 2 The accounting records for a restaurant indicate that food sales were $18,000, food used was $5,800, and employee meals at cost were $50. What is the cost of...
1. Calculate January's
ending inventory and cost of goods sold for the month using FIFO,
periodic system.
2. Calculate January's ending inventory and
cost of goods sold for the month using LIFO, periodic system.
3. Calculate January's ending inventory and
cost of goods sold for the month using FIFO, perpetual system.
4. Calculate January's ending inventory and
cost of goods sold for the month using Average cost, periodic
system
5. Calculate January's ending inventory and
cost of goods sold for...
San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the month of October 2021: Cost Retail Beginning inventory $35,000 $50,000 Net purchases 19,120 31,600 Net markups 1.200 Net markdowns 800 Net sales 32,000 Required: Estimate the average cost of ending inventory and cost of goods sold for October using the information provided.
San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the month of October 2018: Cost $50,000 17,490 Beginning inventory Net purchases Net markups Net markdowns Net sales Retail $65,000 33,100 2,700 1,550 47,000 Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October. Cost Retail Cost-to-Retail Ratio Beginning inventory Plus:...
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...
Inventory Costing Methods-Periodic Method The Gleem Sales Corporation uses the periodic inventory system. On January 1.2015. Gleem had 2,600 units of product B with a unit cost of s40 per unit. A summary of purchases and sales during 2015 follows: Unit Units Units Cost Purchased Sold Jan.3 Mar.8 $44 3,000 June 13 Sept.19 46 Nov.23 Dec.28 1,600 2,000 800 48 1,200 1,800 Required a. Assume that Gleem uses the first-in, first-out method Compute the cost of goods sold for 2015...
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