Beginning Inventory $11,500 Dairy Alternative Purchases (+) $1,000 Produce Purchases (+) $500 Protein Purchases (+) $1,000 Dry Goods Purchases (+) $1,000 Ending Inventory (-) $10,900 Food Cost (=) $4,100 Revenue (+) $12,500 Food Cost % (=) 32.8% Is the 32.8% Food Cost % acceptable? Select one: a. Yes. As long as you don't let it happen again. b. Yes. IF the cost is balanced with the Labor and Other costs to still maintain a profit. c. No. Food cost can never go over 30%. d. No. Labor or Other costs can exceed 30%, but not Food costs.

Beginning Inventory $11,500 Dairy Alternative Purchases (+) $1,000 Produce Purchases (+) $500 Protein Purchases (+) $1,000 Dry Goods Purchases (+) $1,000 Ending Inventory (-) $10,900 Food Cost (=) $4,100 Revenue (+) $12,500 Food Cost % (=) 32.8% Is the 32.8% Food Cost % acceptable? Select one: a. Yes. As long as you don't let it happen again. b. Yes. IF the cost is balanced with the Labor and Other costs to still maintain a profit. c. No. Food cost can never go over 30%. d. No. Labor or Other costs can exceed 30%, but not Food costs.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter8: Gross Profit Method (gp)

Section: Chapter Questions

Problem 2R

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https://www.bartleby.com/questions-and-answers/solve-the-following-ledger-please-1.-we-buy-goods-on-credit-for-dollar30000.00-we-pay-50percent-in-c/e657ebb4-e960-4a2c-81d5-b4ef23d6ba48 Solve the following ledger please 1. We buy goods on credit for $30,000.00, we pay 50% in cash, and the rest on credit. 2. We buy goods on credit for $150,000.00, we pay 50% in cash, 30% on credit and for the rest we sign a document. 3. On March 1, 2005, we bought merchandise for $65,000.00 and signed a document, for which they will charge us 1% per month. we paid on May 31, 2005. 4. On February 1, 2005, we took a loan from BBVA for the amount of $230,000.00, signing a promissory note at 17% per year for 60 days. the document was paid on March 31, its expiration date. (document with interest and document with discounted interest). 5. On June 1, 2004, we requested a loan from Mr. Adolfo López in the amount of $320,000.00, and we signed a promissory note at 15% per annum for 6 months. (both methods). 6. On…
Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Perpetual system and LIFO method, what is the amount of inventory as of December 31? a. P59,000 b. P57,000 c. P61,600 d. P60,210
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(Learning Objectives 1, 2, 3: Apply GAAP for sales, sales returns, and salesdiscounts) Antique Interiors reported the following transactions in October:Oct 210111519Sold merchandise on account to Tim Hinkel, $1,200, terms 1/10, n/30.Sold merchandise on account to Ben Homan, $2,600, terms 2/10, n/30.Collected payment from Hinkel for the October 2 sale.Homan returned $2,000 of the merchandise purchased on October 10.Collected payment from Homan for the balance of the October 10 sale.Requirements1. Record the foregoing transactions in the journal of Antique Interiors using the grossmethod. (You do not need to make the cost of sales journal entries; assume that these entrieswill be made by the company when it makes its other adjusting entries at period end.)2. Calculate the amount of gross sales minus sales discounts for the month of October.
Solve the following, Ps. add Purchases of P100,000 on Case No.1 (3-5) to complete the problem.
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E7-12 (Algo) Using FIFO for Multiproduct Inventory Transactions (Chapters 6 and 7) [LO 6-3, LO 6-4, LO 7-3] Skip to question [The following information applies to the questions displayed below.]FindMe Incorporated, (FI) has developed a coin-sized tracking tag that attaches to key rings, wallets, and other items and can be prompted to emit a signal using a smartphone app. FI sells these tags, as well as water-resistant cases for the tags, with terms FOB shipping point. Assume FI has no inventory at the beginning of the month, and it has outsourced the production of its tags and cases. FI uses FIFO and has entered into the following transactions: January 2 FI purchased and received 330 tags from Xioasi Manufacturing (XM) at a cost of $11 per tag, n/15. January 4 FI purchased and received 130 cases from Bachittar Products (BP) at a cost of $2 per case, n/20. January 6 FI paid cash for the tags purchased from XM on January 2. January 8 FI mailed 230 tags via the U.S. Postal…
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