Problem 1 Several vield tests for roasting rounds of beef have been carefully undertaken. A summary of results (average per round) follows: As purchased (AP) Weight Servable Weight Cost (AP) 22 lb 7 oz %3D 17 lb 10 oz $6.95 per %3D per lb a. What is the cost per servable pound? b. Use the above information to determine the number of pounds of rounds to purchase for a weekend buffet being planned for 275 guests (six [EP-on the plate] ounces will be served to each guest). c. Use the above information to calculate a cost factor and then use the cost factor to determine the revised cost per servable pound when the AP price of the round rises to $7.45 per pound. d. Using the revised cost per servable pound, calculate the per portion cost for the six- ounce portion that will be provided on the buffet.
Problem 1 Several vield tests for roasting rounds of beef have been carefully undertaken. A summary of results (average per round) follows: As purchased (AP) Weight Servable Weight Cost (AP) 22 lb 7 oz %3D 17 lb 10 oz $6.95 per %3D per lb a. What is the cost per servable pound? b. Use the above information to determine the number of pounds of rounds to purchase for a weekend buffet being planned for 275 guests (six [EP-on the plate] ounces will be served to each guest). c. Use the above information to calculate a cost factor and then use the cost factor to determine the revised cost per servable pound when the AP price of the round rises to $7.45 per pound. d. Using the revised cost per servable pound, calculate the per portion cost for the six- ounce portion that will be provided on the buffet.
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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![Problem 1
Coveral vield tests for roasting rounds of beef have been carefully undertaken. A summary
of results (average per round) follows:
As purchased (AP) Weight =
Servable Weight =
Cost (AP)
22 lb 7 oz
17 lb 10 oz
$6.95 per Ib
%3D
a. What is the cost per servable pound?
b. Use the above information to determine the number of pounds of rounds to purchase
for a weekend buffet being planned for 275 guests (six [EP-on the plate] ounces will
be served to each guest).
c. Use the above information to calculate a cost factor and then use the cost factor to
determine the revised cost per servable pound when the AP price of the round rises to
$7.45 per pound.
d. Using the revised cost per servable pound, calculate the per portion cost for the six-
ounce portion that will be provided on the buffet.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbfcc6b02-7b10-4369-b52b-e1a0cc102e73%2Fbd7dec73-05d9-4674-b16c-a1c76d3f0d67%2F00uvpac_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 1
Coveral vield tests for roasting rounds of beef have been carefully undertaken. A summary
of results (average per round) follows:
As purchased (AP) Weight =
Servable Weight =
Cost (AP)
22 lb 7 oz
17 lb 10 oz
$6.95 per Ib
%3D
a. What is the cost per servable pound?
b. Use the above information to determine the number of pounds of rounds to purchase
for a weekend buffet being planned for 275 guests (six [EP-on the plate] ounces will
be served to each guest).
c. Use the above information to calculate a cost factor and then use the cost factor to
determine the revised cost per servable pound when the AP price of the round rises to
$7.45 per pound.
d. Using the revised cost per servable pound, calculate the per portion cost for the six-
ounce portion that will be provided on the buffet.
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