Answered: the cost of food sold for this month i

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the cost of food sold for this month i

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 1MAD: Comfort Plus, Inc., has a hotel with 300 rooms in a metropolitan city. Its main competitor, Connors...

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Question

A hotel café has the following data in a given month: opening inventory = $12,700; closing inventory = $11,800; food purchases = $25,400; transfers in = $1,100; transfers out = $600; employee meals = $1,500; promotions = $300; there are no steward or grease sales. What is the cost of food sold for this month in this restaurant?

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In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 300 units at $7 on January 1, (2) 450 units at $8 on January 8, and (3) 750 units at $9 on January 29. Assuming 900 units are on hand at the end of the month, calculate the cost of goods available for sale, ending inventory, and cost of goods sold under Weighted Average Cost. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.)
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