Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:1. Use the following data to answer the questions below about actual food and beverages costs for the
Marina Bay Grill for July:
Ending Inventory (Food)
$68,000
Ending Inventory (Beverage)
$23,470
Food Purchases
$350.000
Beverage Purchases
$24,700
Beginning Inventory (Food)
$72,000
Beginning Inventory (Beverage)
$19,700
Transfers to Bar
$3,870
Beverage Theft/Pilferage
$510
Food Over-Portioning Expense
$615
Transfers from Bar
$4,100
Complementary Food
$2,160
Complementary Beverages
$890
Employee Meal Cost
$11,225
Food Revenues
$878,000
Beverage Revenues
$116,500
What is the net cost of sales for food and beverage? Indicate dollar and percentage cost.
Food: $354,000
Beverages: $20,930
$994,500 total food and beverage sales
878,000/994,500 x 100 = 88% = percentage of sales(food)
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