Beginning Inventory Ending Inventory Purchases Revenues Food $110,000 $98,470 $488,000 $1,268,000 b. The following additional information about April's food and beverage costs is also available. Use this data to calculate net costs of sales for food and beverage. (Express your answer in dollars and percentages.) Transfers to Bar Transfers from Bar Employee Meals Complimentary Meals Complimentary Beverages Beverage $38,500 $41,000 $161,000 $742,000 $5,170 $6,850 $7,640 $2,290 $840 c. By what amounts are the food and beverage costs over- or understated, based on com- parisons between the unadjusted and net costs?
Beginning Inventory Ending Inventory Purchases Revenues Food $110,000 $98,470 $488,000 $1,268,000 b. The following additional information about April's food and beverage costs is also available. Use this data to calculate net costs of sales for food and beverage. (Express your answer in dollars and percentages.) Transfers to Bar Transfers from Bar Employee Meals Complimentary Meals Complimentary Beverages Beverage $38,500 $41,000 $161,000 $742,000 $5,170 $6,850 $7,640 $2,290 $840 c. By what amounts are the food and beverage costs over- or understated, based on com- parisons between the unadjusted and net costs?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Do problem 2 a through c
![Beginning Inventory
Ending Inventory
Purchases
Revenues
Transfers from Bar
Employee Meals
Food
$110,000
$98,470
$488,000
$1,268,000
b. The following additional information about April's food and beverage costs is also
available. Use this data to calculate net costs of sales for food and beverage. (Express
your answer in dollars and percentages.)
Transfers to Bar
Complimentary Meals
Complimentary Beverages
Inventory Count
Ending Inventory
$5,170
$6,850
$7,640
$2,290
$840
Beverage
$38,500
$41,000
$161,000
$742,000
c. By what amounts are the food and beverage costs over- or understated, based on com-
parisons between the unadjusted and net costs?
Problem 3
The Pleasant Meadows Restaurant uses frozen ground beef packed in 10-pound poly bags
many of its soup and casserole items. The per-bag purchase cost of all bags received
in January was $30. Use the following information to calculate the value of ground beef
for
inventory at the end of January:
January 1
17 bags
$28.00
January 31
28 bags
$30.00
There were 37 bags purchased (delivered) during January.
a. Calculate the value of ground beef inventory using the FIFO method.
b. Calculate the value of ground beef inventory using the LIFO method.
c. Calculate the value of ground beef inventory using the actual cost method.
(A proper inventory rotation system was in use.)
d. Calculate the value of ground beef using the weighted average method.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6a2f95ed-7171-45b2-9304-9328ccddc530%2F83b29cb4-055b-4534-b514-44472186d429%2Fy5eg187_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Beginning Inventory
Ending Inventory
Purchases
Revenues
Transfers from Bar
Employee Meals
Food
$110,000
$98,470
$488,000
$1,268,000
b. The following additional information about April's food and beverage costs is also
available. Use this data to calculate net costs of sales for food and beverage. (Express
your answer in dollars and percentages.)
Transfers to Bar
Complimentary Meals
Complimentary Beverages
Inventory Count
Ending Inventory
$5,170
$6,850
$7,640
$2,290
$840
Beverage
$38,500
$41,000
$161,000
$742,000
c. By what amounts are the food and beverage costs over- or understated, based on com-
parisons between the unadjusted and net costs?
Problem 3
The Pleasant Meadows Restaurant uses frozen ground beef packed in 10-pound poly bags
many of its soup and casserole items. The per-bag purchase cost of all bags received
in January was $30. Use the following information to calculate the value of ground beef
for
inventory at the end of January:
January 1
17 bags
$28.00
January 31
28 bags
$30.00
There were 37 bags purchased (delivered) during January.
a. Calculate the value of ground beef inventory using the FIFO method.
b. Calculate the value of ground beef inventory using the LIFO method.
c. Calculate the value of ground beef inventory using the actual cost method.
(A proper inventory rotation system was in use.)
d. Calculate the value of ground beef using the weighted average method.
![.
#
Technology and Food and Beverage Costs
Automated food cost control systems
Automated beverage cost control systems
Automated restaurant beverage dispensing systems
1
Tax complic
"
Problems
tion methods
Problem 1
Use the following data to answer the question below about actual food and beverage costs
for the Marina Bay Grill for July:
Ending Inventory (Food)
Ending Inventory (Beverage)
Food Purchases
Beverage Purchases
Beginning Inventory (Food)
Beginning Inventory (Beverage)
Transfers to Bar
Beverage Theft/Pilferage
Food Over-Portioning Expense
Transfers from Bar
$68,000
$23,470
$305,000
$24,700
$72,400
$19,700
$3,870
$510
$615
$4,100
$2,160
$890
Complimentary Food
Complimentary Beverages
Employee Meal Cost
Food Revenues
Beverage Revenues
What is the net cost of sales for food and beverage? Indicate dollar and percentage costs.
$11,225
$878,000
$116,500
Problem 2
a. What are the unadjusted food and beverage costs for the Hillside Resort, given the fol-
lowing information for April? (Express your answer in dollars and percentages.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6a2f95ed-7171-45b2-9304-9328ccddc530%2F83b29cb4-055b-4534-b514-44472186d429%2Fj0w30b_processed.jpeg&w=3840&q=75)
Transcribed Image Text:.
#
Technology and Food and Beverage Costs
Automated food cost control systems
Automated beverage cost control systems
Automated restaurant beverage dispensing systems
1
Tax complic
"
Problems
tion methods
Problem 1
Use the following data to answer the question below about actual food and beverage costs
for the Marina Bay Grill for July:
Ending Inventory (Food)
Ending Inventory (Beverage)
Food Purchases
Beverage Purchases
Beginning Inventory (Food)
Beginning Inventory (Beverage)
Transfers to Bar
Beverage Theft/Pilferage
Food Over-Portioning Expense
Transfers from Bar
$68,000
$23,470
$305,000
$24,700
$72,400
$19,700
$3,870
$510
$615
$4,100
$2,160
$890
Complimentary Food
Complimentary Beverages
Employee Meal Cost
Food Revenues
Beverage Revenues
What is the net cost of sales for food and beverage? Indicate dollar and percentage costs.
$11,225
$878,000
$116,500
Problem 2
a. What are the unadjusted food and beverage costs for the Hillside Resort, given the fol-
lowing information for April? (Express your answer in dollars and percentages.)
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