1. Briefly describe the following GAAP Principles: Business Entity Concept- Going-Concern Concept- Cost Principles- Cash vs. Accrual- Consistency Principle- Conservatism- 2. Describe the following terms: Depreciation- Materiality Principle- 3. Calculate the cost of sales (cost of goods sold) for the month of November. Show all calculations: Purchase in November$10,500 October 31 Inventory$ 1,950 November 30 Inventory$ 2,250 4. What are two examples of ratios used to analyze financial data? Identify how these would be used in a foodservice operation. a. b. 5. Calculate the following activity ratios. Show your calculations. Inventory Turnover- Cost of food used per month is $10,500; average food inventory is $2,500. If the average turnover ratio is three times per month, what does this tell you? Percentage of Occupancy- A 300-bed hospital with 280 beds occupied. What does this tell you? 6. Using the cost of food found in question 3, calculate the food cost percentages if income is $25,000. Show all calculations. 7. Calculate the labor cost percentage if labor expenses is $32,000 and revenue equals $62,000. Show all calculations. 8. Meals per labor hour is a common operating ratio used. Calculate MPLH if 7,000 meals are served by 35 full-time employees, each working a total of 40 hours per week. 9. Calculate the BEP for the following operation. Show all calculations: Mixed Cost$14,000 Variable Cost$30,000 Sales$50,000 10. Using the factor method, determine the selling price of a food item that costs $1.75 to produce if a 40 percent food cost is desired. 11. Using prime cost pricing, what would be the selling price for an individual item if food costs were $0.55: labor costs were $1.40, and the prime margin is 50%