answer question 1 and 2 on problem 1 **Problem 1**The following information applies to the City View Restaurant.- May 1: Food inventory value: $73,480- May 31: Food inventory value: $77,550- Cost of food used during May: $386,4101. What is the inventory turnover rate for food products for the City View Restaurant?2. What does the answer (inventory turnover ratio) in question 1 mean?**Problem 2**What is the total inventory value of the following products?| Product | Unit | Amount in Storage | Purchase Cost | Total Cost ||---------------|------------|-------------------|---------------|------------|| Ground Beef | 10-lb bag | 6 bags | $2.10/lb | || Canned Peaches| 6 #10/cs | 3 5/6 cs | $39.40/cs | || Flour | 50 lb | 2 bags | $22.10/bag | || Shrimp | 10/5 lb per case | 3 8/10 cs | $7.50/lb | |**Problem 3**Complete the following perpetual inventory form.| Date | In | Out | Balance ||-------|----|-----|---------|| 1/7 | 3 | | || 1/9 | | 2 | || 1/10 | 1 | | || 1/12 | 5 | 1 | || 1/15 | | 2 | |

Given data is Inventory value at month beginning = $73480 Inventory value at month end = $77550 Cost…

Answered: answer question 1 and 2 on problem 1

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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