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%