Gene Washburn owns used and cost of food so Income Statement 169 Problem 2 hburn owns the GW Cafe and needs assistance in determining both cost of food cost of food sold for June 20X6. He provides information as follows: Beginning food inventory $10,500 Food purchases 24,000 Cost of employee meals 500 Cost of promotional meals 300 Transfers from the beverage department 100 Transfers to the beverage department 150 Physical food inventory, end of June 20X6 8,400 Required: 1. Determine the cost of food used. 2. Determine the cost of food sold. The Southwest Hotel Buzz Barr, the chief a Problem 5 west Hotel issues a full set of financial statements annually to its stockholders. the chief accountant, has provided you with the following information