Beginning food inventory for the Ace Restaurant Company was $6,500, food invento

Question

Beginning food inventory for the Ace Restaurant Company was $6,500, food inventory purchases for the period were $19,450, and ending inventory for the period was $4,300. Food transferred to the Bar valued $1,200, Wine and Liquor transferred to the kitchen was $1,800, promotional meals equaled $900, and employee meals totaled .03 percent of cost of food used. Food Sales for the period were $89,000

1) What was the dollar amount for the total food available for sale for this period? 2) What was the total cost of food used for this period? 3) What was the total cost of food sold? 4) What was the food cost as percentage of food sales for the period? 5) What was the gross profit for food sales for the period? 6) What was the gross profit as a percentage of sales for the period? Total Food Available = $26,040 Total Cost of Food Used =$21,740 Total Cost of Food Sold =$17,188 Food Cost as % of Sales =21.8% Gross Profit =$61,812 Gross Profit as % of Sales=78.2%
Total Food Available = $26,040 Total Cost of Food Used =$19,700 Total Cost of Food Sold =$17,188 Food Cost as % of Sales =19.3% Gross Profit =$71,812 Gross Profit as % of Sales=82.7%
Total Food Available = $26,040 Total Cost of Food Used =$21,740 Total Cost of Food Sold =$17,188 Food Cost as % of Sales =19.3% Gross Profit =$71,812 Gross Profit as % of Sales=80.7% Total Food Available = $24,040 Total Cost of Food Used =$19,740 Total Cost of Food Sold =$17,188 Food Cost as % of Sales =19.3% Gross Profit =$71,812 Gross Profit as % of Sales=82.7%
Beginning food inventory for the Ace Restaurant Company was $6,500, food inventory purchases for the period were $19,450, and ending inventory for the period was $4,300. Food transferred to the Bar valued $1,200, Wine and Liquor transferred to the kitchen was $1,800, promotional meals equaled $900, and employee meals totaled .03 percent of cost of food used. Food Sales for the period were $89,000

1) What was the dollar amount for the total food available for sale for this period? 2) What was the total cost of food used for this period? 3) What was the total cost of food sold? 4) What was the food cost as percentage of food sales for the period? 5) What was the gross profit for food sales for the period? 6) What was the gross profit as a percentage of sales for the period? Total Food Available = $26,040 Total Cost of Food Used =$21,740 Total Cost of Food Sold =$17,188 Food Cost as % of Sales =21.8% Gross Profit =$61,812 Gross Profit as % of Sales=78.2%
Total Food Available = $26,040 Total Cost of Food Used =$19,700 Total Cost of Food Sold =$17,188 Food Cost as % of Sales =19.3% Gross Profit =$71,812 Gross Profit as % of Sales=82.7%
Total Food Available = $26,040 Total Cost of Food Used =$21,740 Total Cost of Food Sold =$17,188 Food Cost as % of Sales =19.3% Gross Profit =$71,812 Gross Profit as % of Sales=80.7% Total Food Available = $24,040 Total Cost of Food Used =$19,740 Total Cost of Food Sold =$17,188 Food Cost as % of Sales =19.3% Gross Profit =$71,812 Gross Profit as % of Sales=82.7%
Beginning food inventory for the Ace Restaurant Company was $6,500, food inventory purchases for the period were $19,450, and ending inventory for the period was $4,300. Food transferred to the Bar valued $1,200, Wine and Liquor transferred to the kitchen was $1,800, promotional meals equaled $900, and employee meals totaled .03 percent of cost of food used. Food Sales for the period were $89,000

1) What was the dollar amount for the total food available for sale for this period? 2) What was the total cost of food used for this period? 3) What was the total cost of food sold? 4) What was the food cost as percentage of food sales for the period? 5) What was the gross profit for food sales for the period? 6) What was the gross profit as a percentage of sales for the period? Total Food Available = $26,040 Total Cost of Food Used =$21,740 Total Cost of Food Sold =$17,188 Food Cost as % of Sales =21.8% Gross Profit =$61,812 Gross Profit as % of Sales=78.2%
Total Food Available = $26,040 Total Cost of Food Used =$19,700 Total Cost of Food Sold =$17,188 Food Cost as % of Sales =19.3% Gross Profit =$71,812 Gross Profit as % of Sales=82.7%
Total Food Available = $26,040 Total Cost of Food Used =$21,740 Total Cost of Food Sold =$17,188 Food Cost as % of Sales =19.3% Gross Profit =$71,812 Gross Profit as % of Sales=80.7% Total Food Available = $24,040 Total Cost of Food Used =$19,740 Total Cost of Food Sold =$17,188 Food Cost as % of Sales =19.3% Gross Profit =$71,812 Gross Profit as % of Sales=82.7%

Explanation / Answer

Answer:-

C)

1.Total Food Available = $26,040 .

2. Total Cost of Food Used =$21,740 = Food Available - Closing stock ( ending Value ) = 26040 - 4300 = $21,740

3. Total Cost of Food Sold =$17,188   

4. Food Cost as % of Sales = 19.3% =( COGS / Sale ) X 100 = (17188 / 89000 ) X 100 = 19.30%

5. Gross Profit =$71,812 = Sales - Cost of Goods Sold = $ 89000 - $ 17,188 = $ 71,812

6. Gross Profit as % of Sales=80.7% = ( Gross profit / Sales ) X 100 = ( 71812 / 89000 ) X 100 = 80.70 %

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