Problem 1Use the following data to answer the question below about actual food and beverage costsfor the Marina Bay Grill for July:Ending Inventory (Food)$68,000Ending Inventory (Beverage)$23,470Food Purchases$305,000Beverage PurchasesBeginning Inventory (Food)Beginning Inventory (Beverage)$24,700$72,400$19,700Transfers to Bar$3,870$510Beverage Theft/PilferageFood Over-Portioning Expense$615Transfers from Bar$4,100$2,160Complimentary FoodComplimentary BeveragesEmployee Meal CostFood Revenues$890$11,225$878,000$116,500Beverage RevenuesWhat is the net cost of sales for food and beverage? Indicate dollar and percentage costs.

While calculating cost of sales we should reduce ending inventory cost.

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) $68,000 $23,470 Food Purchases $305,000 Beverage Purchases Beginning Inventory (Food) Beginning Inventory (Beverage) $24,700 $72,400 $19,700 Transfers to Bar $3,870 Beverage Theft/Pilferage Food Over-Portioning Expense $510 $615 Transfers from Bar $4,100 $2,160 Complimentary Food Complimentary Beverages Employee Meal Cost Food Revenues $890 $11,225 $878,000 Beverage Revenues $116,500 What is the net cost of sales for food and beverage? Indicate dollar and percentage costs.

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) $68,000 $23,470 Food Purchases $305,000 Beverage Purchases Beginning Inventory (Food) Beginning Inventory (Beverage) $24,700 $72,400 $19,700 Transfers to Bar $3,870 Beverage Theft/Pilferage Food Over-Portioning Expense $510 $615 Transfers from Bar $4,100 $2,160 Complimentary Food Complimentary Beverages Employee Meal Cost Food Revenues $890 $11,225 $878,000 Beverage Revenues $116,500 What is the net cost of sales for food and beverage? Indicate dollar and percentage 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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Problem 4- Compute FIFO, LIFO, and Average Cost Some of the information found on a detail inventory card for Public's Supermarket for the first month of operations is as follows: Date March 1 6 8 10 12 16 19 22 26 31 No. of Units 2,000 500 1,000 2,000 Received 1,500 Unit Cost $6.00 6.05 6.20 6.25 6.50 Issued, No. of Units 700 1,400 800 200 600 1,200 Balance, No. of Units 2,000 2,500 1,800 400 1,400 600 2,400 1,800 3,300 2,100 Instructions From these data compute the ending inventory on each of the following bases. Assume that periodic inventory records are kept in units only. Carry unit costs to the nearest cent and ending inventory to the nearest dollar. a. First-in, first-out (FIFO). b. Last-in, first-out (LIFO). c. Average-cost.
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