Assignment 3: Monthly Cost of Sales Food \& Beverage Name: The following cost, sales, and product transfer information was collected for the Greenwich Country Club for the month of June. The club uses a 30 day cycle when computing the days in which inventory is turned over. Review the information carefully as some components relate to the Food Dept. some relate to the Beverage Dept. and some relate to both. Rounding: Currency to the nearest- dollar ex. $1,200 unless noted - Percentage 1 place after decimal ex 32.1% Inventory Turnover Rate and Turnover Days in Month 2 places after decimal, ex. 2.49 or .39 June End of Month Information: Use the information above to calculate the monthly data for both the food and beverage departments Food Department 1. What is the dollar value of the Cost of Food Consumed for the month of June? 2. What is the actual Cost of Food Sold Percentage (\%) for the Month of June? 3. Identify the number of days it took to turnover the food inventory in the month of June. Beverage Department 4. What is the dollar value of the Cost of Beverage Consumed for the month of June? 5. What is the actual Cost of Beverage Sold dollars (that will be on the P\&L*) for the month of June? 6. What is the Beverage Inventory Turnover Rate for the month of June? *P\& L is the same as an income statement General Questions 7. If the club used the Sales Value Cost of Sales Percentage method for calculating employee meals, and a 30.0% food cost percentage was assigned to employee meals, what dollar amount would have been the sales value of those employee meals? 8. At the club, there is a freezer set aside for high cost food items. In that freezer there are 20lbs of shrimp 10pts in inventory at the end of the month. If the club used a weighted average system to determine the value of goods in this freezer, what would be the total dollar value of the frozen shrimp inventory on June 30 ? Round your answer to the nearest cent. Ex. $188.33 Opening Inventory Purchased on the 5 th of June Purchased on the 12 th of June Purchased on the 26 th of June Assignment 3: Monthly Cost of Sales Food \& Beverage Name: The following cost, sales, and product transfer information was collected for the Greenwich Country Club for the month of June. The club uses a 30 day cycle when computing the days in which inventory is turned over. Review the information carefully as some components relate to the Food Dept. some relate to the Beverage Dept. and some relate to both. Rounding: Currency to the nearest- dollar ex. $1,200 unless noted - Percentage 1 place after decimal ex 32.1% Inventory Turnover Rate and Turnover Days in Month 2 places after decimal, ex. 2.49 or .39 June End of Month Information: Use the information above to calculate the monthly data for both the food and beverage departments Food Department 1. What is the dollar value of the Cost of Food Consumed for the month of June? 2. What is the actual Cost of Food Sold Percentage (\%) for the Month of June? 3. Identify the number of days it took to turnover the food inventory in the month of June. Beverage Department 4. What is the dollar value of the Cost of Beverage Consumed for the month of June? 5. What is the actual Cost of Beverage Sold dollars (that will be on the P\&L*) for the month of June? 6. What is the Beverage Inventory Turnover Rate for the month of June? *P\& L is the same as an income statement General Questions 7. If the club used the Sales Value Cost of Sales Percentage method for calculating employee meals, and a 30.0% food cost percentage was assigned to employee meals, what dollar amount would have been the sales value of those employee meals? 8. At the club, there is a freezer set aside for high cost food items. In that freezer there are 20lbs of shrimp 10pts in inventory at the end of the month. If the club used a weighted average system to determine the value of goods in this freezer, what would be the total dollar value of the frozen shrimp inventory on June 30 ? Round your answer to the nearest cent. Ex. $188.33 Opening Inventory Purchased on the 5 th of June Purchased on the 12 th of June Purchased on the 26 th of June
