Do problem 2 a through c Beginning InventoryEnding InventoryPurchasesRevenuesTransfers from BarEmployee MealsFood$110,000$98,470$488,000$1,268,000b. The following additional information about April's food and beverage costs is alsoavailable. Use this data to calculate net costs of sales for food and beverage. (Expressyour answer in dollars and percentages.)Transfers to BarComplimentary MealsComplimentary BeveragesInventory CountEnding Inventory$5,170$6,850$7,640$2,290$840Beverage$38,500$41,000$161,000$742,000c. By what amounts are the food and beverage costs over- or understated, based on com-parisons between the unadjusted and net costs?Problem 3The Pleasant Meadows Restaurant uses frozen ground beef packed in 10-pound poly bagsmany of its soup and casserole items. The per-bag purchase cost of all bags receivedin January was $30. Use the following information to calculate the value of ground beefforinventory at the end of January:January 117 bags$28.00January 3128 bags$30.00There were 37 bags purchased (delivered) during January.a. Calculate the value of ground beef inventory using the FIFO method.b. Calculate the value of ground beef inventory using the LIFO method.c. Calculate the value of ground beef inventory using the actual cost method.(A proper inventory rotation system was in use.)d. Calculate the value of ground beef using the weighted average method. .#Technology and Food and Beverage CostsAutomated food cost control systemsAutomated beverage cost control systemsAutomated restaurant beverage dispensing systems1Tax complic"Problemstion methodsProblem 1Use the following data to answer the question below about actual food and beverage costsfor the Marina Bay Grill for July:Ending Inventory (Food)Ending Inventory (Beverage)Food PurchasesBeverage PurchasesBeginning Inventory (Food)Beginning Inventory (Beverage)Transfers to BarBeverage Theft/PilferageFood Over-Portioning ExpenseTransfers from Bar$68,000$23,470$305,000$24,700$72,400$19,700$3,870$510$615$4,100$2,160$890Complimentary FoodComplimentary BeveragesEmployee Meal CostFood RevenuesBeverage RevenuesWhat is the net cost of sales for food and beverage? Indicate dollar and percentage costs.$11,225$878,000$116,500Problem 2a. What are the unadjusted food and beverage costs for the Hillside Resort, given the fol-lowing information for April? (Express your answer in dollars and percentages.)

Name: Do problem 2 a through c Beginning InventoryEnding InventoryPurchasesR
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Description: Do problem 2 a through c Beginning InventoryEnding InventoryPurchasesRevenuesTransfers from BarEmployee MealsFood$110,000$98,470$488,000$1,268,000b. The following additional information about April's food and beverage costs is alsoavailable. Use this

Inventory refers to all the items, goods, merchandise, and materials held by a business for selling…

Business

Accounting

Beginning Inventory Ending Inventory Purchases Revenues Food $110,000 $98,470 $488,000 $1,268,000 b. The following additional information about April's food and beverage costs is also available. Use this data to calculate net costs of sales for food and beverage. (Express your answer in dollars and percentages.) Transfers to Bar Transfers from Bar Employee Meals Complimentary Meals Complimentary Beverages Beverage $38,500 $41,000 $161,000 $742,000 $5,170 $6,850 $7,640 $2,290 $840 c. By what amounts are the food and beverage costs over- or understated, based on com- parisons between the unadjusted and net costs?

Beginning Inventory Ending Inventory Purchases Revenues Food $110,000 $98,470 $488,000 $1,268,000 b. The following additional information about April's food and beverage costs is also available. Use this data to calculate net costs of sales for food and beverage. (Express your answer in dollars and percentages.) Transfers to Bar Transfers from Bar Employee Meals Complimentary Meals Complimentary Beverages Beverage $38,500 $41,000 $161,000 $742,000 $5,170 $6,850 $7,640 $2,290 $840 c. By what amounts are the food and beverage costs over- or understated, based on com- parisons between the unadjusted and net costs?

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterC: Inventory Methods

Section: Chapter Questions

Problem 3P: Use the information presented in Problem C-1 to solve this problem. Required Find the cost of the...

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