Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3. Part A. Rudolfo owns Rudolfo's Italian Ristorante in the Little Italy section of New York City. He compare last year's costs to this

image text in transcribedimage text in transcribed

3. Part A. Rudolfo owns Rudolfo's Italian Ristorante in the Little Italy section of New York City. He compare last year's costs to this year's costs on his food expense schedule to see how he performed in each. food category. (1) Help Rudolfo complete his schedule by filling in the blanks in the chart below (6 points). Rudolfo's Food Expense Schedule Last Year % of Food Sales This Year % of Food Sales $2,836,517 $3,087,564 Food Sales Cost of Food Sold Meats and Seafood $386,734 $445,982 Fruits and Vegetables 122,915 165,178 Dairy 71,951 52,858 Baked Goods 20,985 29,731 Other 323,778 303,927 Total Cost of Food Sold Part B. In addition to calculating the food cost percentage for each of his food categories, Rudolfo wishes to calculate his inventory turnover for the year. (2) Complete Rudolfo's inventory turnover table below. Assume that cost of food sold, part A., and cost of food consumed, part B., are the same for Rudolfo's. (6 points) Rudolfo's Food Inventory Turnover This Year's Inventory Category Beginning This Year's Ending Cost of Average Inventory Inventory Food Value Turnover Inventory Inventory Consumed Meats and Seafood $21,476 $17,489 $445,982 Fruits and Vegetables $1,708 $1,015 $165,178 Dairy $772 $372 $52,858 Baked Goods $160 $131 $29,731 Other $10,538 $11,035 $303,927 Total (3) In which category the turnover is the lowest? (2 points) (4) Which category is purchased, used, and replaced the most often? (2 points) i ca ama (5) Rudolfo's inventory turnover target for this year was 32 times. Did he meet his target? Why or why not? (2 points) 5722 bint boot to 100

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Core Concepts Of Accounting Information Systems

Authors: Nancy A. Bagranoff, Mark G. Simkin, Carolyn Strand Norman

11th Edition

9780470507025, 0470507020

More Books

Students also viewed these Accounting questions

Question

what is a compiler and what does do or works

Answered: 1 week ago