Do problem 1 ### Technology and Food and Beverage Costs- Automated food cost control systems- Automated beverage cost control systems- Automated restaurant beverage dispensing systems---### Problems#### Problem 1Use the following data to answer the question below about actual food and beverage costs for the Marina Bay Grill for July:- **Ending Inventory (Food):** $68,000- **Ending Inventory (Beverage):** $23,470- **Food Purchases:** $305,000- **Beverage Purchases:** $24,700- **Beginning Inventory (Food):** $72,400- **Beginning Inventory (Beverage):** $19,700- **Transfers to Bar:** $3,870- **Beverage Theft/Pilferage:** $510- **Food Over-Portioning Expense:** $615- **Transfers from Bar:** $4,100- **Complimentary Food:** $2,160- **Complimentary Beverages:** $890- **Employee Meal Cost:** $11,225- **Food Revenues:** $878,000- **Beverage Revenues:** $116,500**Question:** What is the net cost of sales for food and beverage? Indicate dollar and percentage costs.---#### Problem 2**Question:** What are the unadjusted food and beverage costs for the Hillside Resort, given the following information for April? (Express your answer in dollars and percentages.)

Answered: Problem 1 Use the following data to…

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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Question

Do problem 1

### Technology and Food and Beverage Costs

- Automated food cost control systems
- Automated beverage cost control systems
- Automated restaurant beverage dispensing systems

---

### Problems

#### 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):** $68,000
- **Ending Inventory (Beverage):** $23,470
- **Food Purchases:** $305,000
- **Beverage Purchases:** $24,700
- **Beginning Inventory (Food):** $72,400
- **Beginning Inventory (Beverage):** $19,700
- **Transfers to Bar:** $3,870
- **Beverage Theft/Pilferage:** $510
- **Food Over-Portioning Expense:** $615
- **Transfers from Bar:** $4,100
- **Complimentary Food:** $2,160
- **Complimentary Beverages:** $890
- **Employee Meal Cost:** $11,225
- **Food Revenues:** $878,000
- **Beverage Revenues:** $116,500

**Question:**
What is the net cost of sales for food and beverage? Indicate dollar and percentage costs.

---

#### Problem 2

**Question:**
What are the unadjusted food and beverage costs for the Hillside Resort, given the following information for April? (Express your answer in dollars and percentages.)

Expert Solution

Step 1

Net Cost of Sales or "NCOS" means, for any period, the cost of sales made by the Merchant Stores, based on the lower of the Company's or Buyer's actual cost of product and is defined as the amount of money paid to the vendors for products sold (invoice amount less cash discounts) less any monies or the value of ...

To calculate the net price, start with the list price and add any taxes and other government-mandated charges. Then subtract any discounts, rebates or negotiated prices.

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