Meals served are $15,000, coffee $500, milk $300, soft drinks $700, beer $1,200, wine $800, mixed drinks $400. What is the amount of food sales? Compute the following schedule of food sales by each meal period. If necessary, show the percentages with one decimal position, properly rounded. Meals Served Sales PercentBreakfast 100 $425 Lunch 250 $1175 % Dinner 100 $1400 % Total 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 $ 36,000Officers’ checks 925 at menu priceEmployee meals 210 at standard costTransfer to bar 90Transfer from bar 70 Compute the cost of food sold for the month of September if the periodic inventory system is used in the storeroom. The accounting results for a month show food sales of $600,000 and cost of food sold at $197,000. Compute the food cost percentage for the month. Beverage sales are cashiered with the sales tax included. Compute the separate amounts for beverage sales and sales tax if the total cashiered sales of $119,680 included a six percent sales tax.

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Answered: Meals served are $15,000, coffee $500,…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 2Q: A beverage wholesale outlet sells beverages by the case. On April 13, a customer purchased 18 cases...

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Meals served are $15,000, coffee $500, milk $300, soft drinks $700, beer $1,200, wine $800, mixed drinks $400. What is the amount of food sales?

Compute the following schedule of food sales by each meal period. If necessary, show the percentages with one decimal position, properly rounded.

Meals Served Sales Percent

Breakfast 100 $425 Lunch 250 $1175 %

Dinner 100 $1400 %

Total

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.

The accounting results for a month show food sales of $600,000 and cost of food sold at $197,000. Compute the food cost percentage for the month.

Beverage sales are cashiered with the sales tax included. Compute the separate amounts for beverage sales and sales tax if the total cashiered sales of $119,680 included a six percent sales tax.

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

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