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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

FINANCIAL ACCOUNTING
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 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
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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