The Big Beef Restaurant has the following standard for a roat beef dinner:Cooked beefRoasted potatoesSteamed vegetables7 oz8 oz2 ozDinner roll1 rollThe following is the purchase specifications:PurchaseUnit PurchaseLoss inUnit Price Trim & Cooking$ 15.00$ 0.0552$Roast beef15Ib2.0%Potatoes100Ib0.5%0.0%VegetablesDinner rolls0.45Ib6.5050 ea0.300.0%Calculate the standard material cost of this dinner.

Standard Costing - Standard costing is the process of replacing an actual cost in the accounting…

Answered: g Beef Restaurant has the following…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 6EB: Lizbeth, Inc., makes ice cream. The toffee coffee ice cream takes 4 quarts of cream, 3 cups of...

See similar textbooks

Similar questions

The price per pound of the farm-level commodity for boneless, skinless chicken breasts are $4.42 per pound. The dollar per pound of a grocery store boneless, skinless chicken breasts is $12.17 per pound. The dollar value of Chick-fil-a's version of the original farm-level commodity of the Original Chicken Sandwich is at $4.49 per sandwich. 1. Estimate the cost and weight of the meal and divide the cost of the meal by the share of the commodity in the meal. We are just assigning values and weights. (If my calculations are right, the sandwich itself weighed about 5 ounces: 5/16 = 0.3125 lbs. 0.3125 * 4.49 = $1.40/lb. -is that correct?) 2. Divide the $/lb farm-level value by the grocery store $/lb value. 3. Divide the $/lb farm-level value by the restaurant $/lb value
The chef has precosted the recipe for an entree and a sauce, which is one item on the menu. The food cost is $6.34. A prime ingrecient multiplier of $3.72 has been established. What is the base selling price when the prime ingredient mark up method is used?
Mission foods produces two flavors of tacos-chicken and fish- with the following characteristics. a) $1,070,500 B) need help
Problem 1What is the standard recipe adjustment factor, given the following information? original recipe New recipe AF Number of protion Portion size Number of portion Portion size 35 .25 cup 75 .25cup 75 4oz 35 4oz 35 .5cup 35 .25cup 75 6oz 75 10oz 35 6oz 75 8oz 75 .5cup 35 .25cup Problem 2 Determine the portion cost for the steak platter based upon the following information: 4oz sirloin $10.15/lb 1 baked potato 12 potatoes for $3.70 1oz sour cream 5lb jar for $7.15 2 dinner rolls $3.85 dozen 4 oz corn 5lb for $5.75 Problem 3 Calculate the Contribution Margin (CM) and Food Cost % given the following data: Item No sold Revenue food cost CM Food Cost % A 25 180 45 B 40 230 62 C 45 300 90 D 20 340 100
Peter’s Grocery is an Italian market that sells imported meats and cheeses. The company is thinking of using a portion of their store space to sell ready-made sandwiches with ingredients from the store. The main components of the sandwiches are 100 grams of salami (meat), 1 slice of provolone (cheese) and one bun. The salami sells for $2 per 100 grams and costs the company $0.75 per 100 grams. Provolone sells for $0.50 per slice and costs the store $0.35 per slice. The buns cost the company $2.40 per dozen to make, and sell for $4.80 per dozen. The company expects it can sell the sandwiches for $4 each. The labour costs associated with making a sandwich are $0.25 and the variable overhead is expected to cost $0.75 per sandwich. Required: Should the company introduce the new sandwich item? Determine the net dollar advantage or disadvantage of selling the sandwich as compared to selling the meat, cheese and bun separately.
You are costing recipe ingredients. How much will the following ingredients cost? A recipe requires 2 cups of cheddar cheese. Use the following information: 1 pound of cheese costs $4.75. There are 4 cups of shredded (grated) cheese per pound.
Annie’s cafe makes sandwiches for sale. Contents of their cheese and pickle sandwich are as follows: 2 slices of bread 50 grams of cheese 25 grams of pickle 5 grams of butter Losses due to accidental damage are estimated to be 5% of the materials input. Materials can be bought from the cash and carry at the following prices: Bread 50p per loaf of 20 slices Cheese £3 per kg Pickle £2 per kg Butter £1.50 per kg Prepare the standard cost of one cheese and pickle sandwich.
Calculate the sales mix of pizzas if 800 pizzas are sold while 200 subs are sold.Select one:a. 80%b. 60%C 40%d.20%
Please show excel solver Farm Foods Company, produces two types of pork loins . Each type of loin consists of white meat and dark meat. Loin 1 sells for $4 per pound and must consist of at least 70% white meat. Loin 2 sells for $3 per pound and must consist of at least 60% white meat. At most 6000 pounds of Loin 1 and 2000 pounds of Loin 2 can be sold. The two types of pork used to manufacture the loins are purchased from a pork farm. Each type 1 pig costs $10 and yields 5 pounds of white meat and 2 pounds of dark meat. Each type 2 pig costs $8 and yields 3 pounds of white meat and 3 pounds of dark meat. Determine the profit maximizing strategy for Farm Foods. [That is, what is the optimal number pigs to purchase and how many of each type of loins should be sold. Assume that fractional pigs can be purchased – that is, do not model any integer variables] Using Sensitivity Analysis, determine the increase in profitability if the demand for loin 1 increases by 500 additional…
Mangia Pizza Company makes frozen pizzas that are sold through grocery stores. Mangia developed the following standard mix for spreading on premade pizza shells to produce 19 giant-size sausage pizzas. Direct Material Mix Mix Proportion SP Standard Cost Tomato sauce 10 lbs. 0.320 $1.50 $15.00 Cheese 11 0.365 2.80 30.80 Sausage 9 0.315 2.10 18.90 Total 30 lbs. $64.70 Mangia put a batch of 2,000 pounds of direct materials (enough for 1,267 frozen sausage pizzas) into process. Of the total, 660 pounds were tomato sauce, 860 pounds were cheese, and the remaining 480 pounds were sausage. The actual yield was 770 pizzas. Required: 1. Calculate the yield ratio based on the standard amounts given. If required, round your answer to two decimal places. 2. Calculate the standard cost per pound of the yield. If required, round your answer to the nearest cent. 3. Calculate the standard yield for actual input of 2,000 pounds…
(Prepared from a situation suggested by Professor John W. Hardy.) Lone Star Meat Packers is a major processor of beef and other meat products. The company has a large amount of T-bone steak on hand, and it is trying to decide whether to sell the T-bone steaks as they are initially cut or to process them further into filet mignon and the New York cut. If the T-bone steaks are sold as initially cut, the company figures that a 1-pound T-bone steak would yield the following profit: Selling price ($2.20 per pound) $ 2.20 Less joint costs incurred up to the split-off point whereT-bone steak can be identified as a separate product 1.60 Profit per pound $ 0.60 As mentioned above, instead of being sold as initially cut, the T-bone steaks could be further processed into filet mignon and New York cut steaks. Cutting one side of a T-bone steak provides the filet mignon, and cutting the other side provides the New York cut. One 16-ounce T-bone steak cut in this way will…
(Prepared from a situation suggested by Professor John W. Hardy.) Lone Star Meat Packers is a major processor of beef and other meat products. The company has a large amount of T-bone steak on hand, and it is trying to decide whether to sell the T-bone steaks as they are initially cut or to process them further into filet mignon and the New York cut. If the T-bone steaks are sold as initially cut, the company figures that a 1-pound T-bone steak would yield the following profit: Selling price ($2.20 per pound) $ 2.20 Less joint costs incurred up to the split-off point whereT-bone steak can be identified as a separate product 1.60 Profit per pound $ 0.60 If the company were to further process the T-bone steaks, then cutting one side of a T-bone steak provides the filet mignon and cutting the other side provides the New York cut. One 16-ounce T-bone steak cut in this way will yield one 6-ounce filet mignon and one 8-ounce New York cut; the remaining ounces are…

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

Financial And Managerial Accounting

Accounting

ISBN:

9781337902663

Author:

WARREN, Carl S.

Publisher:

Cengage Learning,

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

Financial And Managerial Accounting

Accounting

ISBN:

9781337902663

Author:

WARREN, Carl S.

Publisher:

Cengage Learning,

SEE MORE TEXTBOOKS

g Beef Restaurant has the following standard for a roat beef dinne d beef ed potatoes ed vegetables roll 7 oz 8 oz 2 oz 1 roll llowing is the purchase specifications: D Loss in