Chef Fabio does beginning inventory on Thursday night and finds that he has $1456 in food products in the restaurant. Throughout the week hepurchases:ered1.00$457 produce,• $632 protein,ion• $356 dry goods, and. $147 dairy.The following Thursday he does ending inventory and finds that he has $1643 in food. He looks at his sales and finds that he made $5546 overthe same 7 day period. What is his food cost as a percentage of sales (food cost percentage)?Select one:a. 28.70%b. 55.88%c. 25.33%d. 54.96%

The cost as a percentage of the sales helps in finding out exactly how much profit we are earning…

Answered: Chef Fabio does beginning inventory on…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EA: Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement...

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Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?
Allstate Sporting Goods started April with an inventory of 10 sets of golf clubs that cost a total of $1,500. During April, Allstate purchased 20 sets of clubs for $3,200. At the end of the month, Allstate had six sets of golf clubs on hand. The store manager must select an inventory costing method, and he asks you to tell him both cost of goods sold and ending inventory under these two accounting methods, assuming the periodic system is used. Weighted-average cost FIFO If the store manager wants the most current cost for ending inventory, which method should he choose?
George’s Gorgeous Gowns is a small boutique located in Ohio that sells special occasion gowns to women of all ages. He carries a 54% markup on all his garments. He needs to calculate the closing retail book inventory and convert this figure to cost value based on the following figures: Opening inventory at retail =$23,000; net sales =$76,000; markdowns =$2,600.00; employee discounts =$1,200; and returns to vendors= $3,500. Additionally, he has $75,000 in purchases (at retail). Find the closing book inventory in retail and cost.
Tasty’s chocolate store paid $3,800 for Easter Egg inventory on March 15th. By April 30th (2 weeks after Easter), the seasonal inventory can only be sold to customers for $2,400. In order to sell the inventory quickly, an online advertising campaign must be undertaken which will cost $600 otherwise it is unlike they will sell the Easter eggs at all. a. Prepare the required journal entry for the above situation at April 30th b. Explain why Tasty had to make the April 30th journal entry.
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. Vinnie has a small retail store and sells one product. His beginning inventory consisted of 1,000 products at $4 each for a total of $4,000. During the year, Vinnie made the following purchases of the product: March 1 5,000 products at $5 each = $25,000 August 1 1,000 products at $6 each = $6,000 Vinnie uses the LIFO method of inventory valuation and he sells 5,000 products during the current year. Calculate the total cost of goods available for sale. Calculate the cost of the ending inventory. Calculate the cost of goods sold.
Company XYZ is a smart phone merchant . The company purchases smart phones directly from themanufacturer and sells them to customers . During the month of April , the company purchased 50 smart phones and paid $700 for each one . The company managed to sell 45 smart phones during the same month for $1,000 each . The company incurred total Selling and Administrative costs of $4,000 of which 20 % is fixedcosts . Assume that XYZ did not have a beginning inventory during April , what was the gross margin ( $) for April ? a. 13,500 b. None of the given answers c. 10,300 d. 9,500 e. 6,800
A company starts operations on October 1, Year One, holding 400 units of inventory whichfills its store. This inventory costs $10 per unit. After that, enough inventory is bought on thelast day of each month to bring the quantity on hand back to exactly 400 units. In October,140 units were sold; in November, 150 units were sold; and in December, 180 units weresold. On October 31, the company bought units for $12 each; on November 30, the companybought units for $13 each; on December 31, the company bought units for $15 each.What is the company’s cost of goods sold if a periodic LIFO system is used? If a periodic LIFO system is used, the company’s cost of goods sold is: If a perpetual LIFO system is used, the company's cost of goods sold i
In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 300 units at $7 on January 1, (2) 450 units at $8 on January 8, and (3) 750 units at $9 on January 29. Assuming 900 units are on hand at the end of the month, calculate the cost of goods available for sale, ending inventory, and cost of goods sold under Weighted Average Cost. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.)
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 30 units for $25 each. Purchases on December 7 20 units @ $10.00 cost Purchases on December 14 36 units @ $15.00 cost Purchases on December 21 30 units @ $18.00 cost
In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 300 units at $7 on January 1, (2) 450 units at $8 on January 8, and(3) 750 units at $9 on January 29. Assuming 900 units are on hand at the end of the month, calculatethe cost of goods available for sale, ending inventory, and cost of goods sold under the ( a ) FIFO,( b ) LIFO, and ( c ) weighted average cost flow assumptions. Assume a periodic inventory system is used
Quick Stop Dairy had beginning inventory of Heavy Cream of 200 units at a cost of $2 each. During the month, they had the following purchases: 1st purchase: 500 units at $3 each 2nd purchase: 400 units at $4 each Quick Stop Dairy sold 1,000 units to a customer. Using a FIFO cost flow assumption, determine the cost of goods sold for this sale as well as the balance in ending inventory

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