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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