What is the total inventory value of the following products? Product Type of Product: Ground Beef Canned Peaches Flour Shrimp Unit Physical Inventory 10-lb bag 6 #10/cs 50 lb 10/5 lb per case Amount in Storage 6 bags 3-5/6 cs 2 bags 3-8/10 cs Month: Purchase Cost $2.10/lb $39.40/cs $22.10/bag $7.50/lb Total Total Cost
What is the total inventory value of the following products? Product Type of Product: Ground Beef Canned Peaches Flour Shrimp Unit Physical Inventory 10-lb bag 6 #10/cs 50 lb 10/5 lb per case Amount in Storage 6 bags 3-5/6 cs 2 bags 3-8/10 cs Month: Purchase Cost $2.10/lb $39.40/cs $22.10/bag $7.50/lb Total Total Cost
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Do problem 2
Transcribed Image Text:Problem 1
The following information applies to the City View Restaurant.
Food inventory value:
May 1
May 31 Food inventory value:
Cost of food used during May
1. What is the inventory turnover rate for food products for the City View Restaurant?
2. What does the answer (inventory turnover ratio) in question 1 mean?
Problem 2
What is the total inventory value of the following products?
Product
Type of Product:
Ground Beef
Canned Peaches
Flour
Shrimp
$73,480
$77,550
$386,410
Unit
Physical Inventory
10-lb bag
6 #10/cs
50 lb
10/5 lb per case
Date
1/7
1/9
1/10
1/12
1/15
Complete the following perpetual inventory form.
Amount in
Storage
6 bags
3-5/6 cs
2 bags
3-8/10 cs
Problem 3
Perpetual Inventory
Product Name:
Purchase Unit Size:
In
3
5
Carried Forward:
Out
2
1
Month:
1
2
Purchase Cost
$2.10/lb
$39.40/cs
$22.10/bag
$7.50/lb
Total
Balance
Total Cost
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