FoodBeverageBeginning Inventory$110,000$38,500Ending Inventory$98,470$41,000Purchases$488,000$161,000Revenues$1,268,000$742,000b. The following additional information about April's food and beverage costs is alsoavailable. Use this data to calculate net costs of sales for food and beverage. (Expressyour answer in dollars and percentages.)$5,170eeya lorianoTransfers to BarTo:Transfers from Bar$6,850HoEmployee Meals$7,640$2,290Complimentary Meals$840Complimentary Beveragesc. By what amounts are the food and beverage costs over- or understated, based on com-parisons between the unadjusted and net costs? a. What are the unadjusted food and beverage costs for the Hillside Resort, given the fol-Problem 2at are the unadjusted food and beverage costs for the Hillside Resort, given the forwing information for April? (Express vour answer in dollars and percentages.)

Unadjusted cost is calculated using the beginning inventory with purchases and deducting the ending…

Food Beverage Beginning Inventory $110,000 $38,500 Ending Inventory $98,470 $41,000 Purchases $488,000 $161,000 Revenues $1,268,000 $742,000 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 $5,170 lone Transfers from Bar $6,850 $7,640 Employee Meals $2,290 Complimentary Meals $840 Complimentary Beverages c. By what amounts are the food and beverage costs over- or understated, based on com- parisons between the unadjusted and net costs?

Food Beverage Beginning Inventory $110,000 $38,500 Ending Inventory $98,470 $41,000 Purchases $488,000 $161,000 Revenues $1,268,000 $742,000 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 $5,170 lone Transfers from Bar $6,850 $7,640 Employee Meals $2,290 Complimentary Meals $840 Complimentary Beverages c. By what amounts are the food and beverage costs over- or understated, based on com- parisons between the unadjusted and net costs?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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