A restaurant has a food cost average of 38 percent. The inventory on August 31 is $11,000 and the inventory on September 30 is $11,965. The following are transactions for the month of September: Purchases $ 36,000 Officers’ checks 925 at menu price Employee meals 210 at standard cost Transfer to bar 90 Transfer from bar 70 Compute the cost of food sold for the month of September if the periodic inventory system is used in the storeroom.
A restaurant has a food cost average of 38 percent. The inventory on August 31 is $11,000 and the inventory on September 30 is $11,965. The following are transactions for the month of September: Purchases $ 36,000 Officers’ checks 925 at menu price Employee meals 210 at standard cost Transfer to bar 90 Transfer from bar 70 Compute the cost of food sold for the month of September if the periodic inventory system is used in the storeroom.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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- A restaurant has a food cost average of 38 percent. The inventory on August 31 is $11,000 and the inventory on September 30 is $11,965. The following are transactions for the month of September:
Purchases $ 36,000
Officers’ checks 925 at menu price
Employee meals 210 at
Transfer to bar 90
Transfer from bar 70
Compute the cost of food sold for the month of September if the periodic inventory system is used in the storeroom.
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