Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In October 2022, food cost percentage in Maple Ridge Fun Fun Restaurant was 33.48%. Total Sales were $50,028.50. The Opening Inventory was $7,414.80, Purchases totaled

In October 2022, food cost percentage in Maple Ridge Fun Fun Restaurant was 33.48%. Total Sales were $50,028.50. The Opening Inventory was $7,414.80, Purchases totaled 17,642.80. Closing Inventory was 6,327.35. Beverages to Food transfers were 443.00, and the snacks sent to the bar accounted for $226.00. Employees' meals were $837.00.

Question: Based on this information, what were the potential savings in dollars and percentage? Show the full calculations, not just the final answers. Round all intermediary results and the final results to hundredths of decimal (.xx) unless they naturally round up to tenths (.x) or a whole number.

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

Management and Cost Accounting

Authors: Alnoor Bhimani, Charles T. Horngren, Srikant M. Datar, Madhav V. Rajan

6th edition

1292063467, 978-1292063461

More Books

Students also viewed these Accounting questions

Question

calculate the EOQ using the formula and tabulation methods; LO1

Answered: 1 week ago