Week 5 Assignment: Inventory and Budgeting Escoffier SCHOOL OF CULINARY ARTS Overview: Follow the instructions below, to demonstrate how math and inventory totals are used to calculate cost of goods and food cost %. 1. Chef Erin completes her inventory on Thursday evening and finds that she has $11,500 in product on hand. Throughout the week, she purchases $500 in dry goods, $900 in dairy products, and $1000 in meat products. At the end of the week, she conducts inventory and finds that she has $10,000 in inventory left on hand. Please answer the following questions: a. What was the COST OF GOODS SOLD during this time period? SHOW YOUR MATH! b. If weekly Sales or Revenue is $12,895, please calculate the Food Cost Percentage for that time period. BE SURE TO SHOW YOUR WORK."
Week 5 Assignment: Inventory and Budgeting Escoffier SCHOOL OF CULINARY ARTS Overview: Follow the instructions below, to demonstrate how math and inventory totals are used to calculate cost of goods and food cost %. 1. Chef Erin completes her inventory on Thursday evening and finds that she has $11,500 in product on hand. Throughout the week, she purchases $500 in dry goods, $900 in dairy products, and $1000 in meat products. At the end of the week, she conducts inventory and finds that she has $10,000 in inventory left on hand. Please answer the following questions: a. What was the COST OF GOODS SOLD during this time period? SHOW YOUR MATH! b. If weekly Sales or Revenue is $12,895, please calculate the Food Cost Percentage for that time period. BE SURE TO SHOW YOUR WORK."
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section20.3: Estimating Inventory
Problem 1WT
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College