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The following information applies to the mythical City View Restaurant located in Chicago, IL Assume there are no allowances, transfers or discounts. Solve all problems for 2 decimal places (x.xx) April 1, 2020 Food inventory value: $6,325 April 30, 2020 Food inventory value: $5,250 Food purchases during April 2020 $11,700 Sales for April 1 - 30, 2020 $40,125 April 1, 2021 Food inventory value: $5,950 April 30, 2021 Food inventory value: $5,190 Food purchases during April 20201 $13,940 Sales for April 1 - 30, 2021 $41,650 Answer the following questions given the above information: 9. What is the inventory turnover rate of food for April 2020? (0.5 pts) 10. What is the inventory turnover rate of food for April 2021? (0.5 pts) 11. How many days of business does the April 2020 inventory support? (0.5 pts) (Answer should be rounded to a whole number) 12. How many days of business does the April 2021 inventory support? (0.5 pts) (Answer should be rounded to a whole number) 13. What (if anything) can be observed about the differences in inventory turnover rate and inventory supply for April 2021 as compared to April 2020? (1 pt) The following information applies to the mythical Really Busy Restaurant and Bar: For the period food revenues are $78,165 and beverage revenues are $19,940. The actual food cost in dollars is $1,780 more than the standard/budgeted food cost. The actual beverage cost percentage is 2.80% higher than the standard/budgeted beverage cost. Solve all problems for 2 decimal places (x.xx) 14. $1,780 variance in food cost = % (1 pt) 15. 2.80% variance in beverage cost = $ (1 pt) 16. Which cost area (food or beverage) is likely to have the most significant cost control related impact on overall cash flows and profitability and why (explain your answer)? (1 pts) The following information applies to the mythical City View Restaurant located in Chicago, IL Assume there are no allowances, transfers or discounts. Solve all problems for 2 decimal places (x.xx) April 1, 2020 Food inventory value: $6,325 April 30, 2020 Food inventory value: $5,250 Food purchases during April 2020 $11,700 Sales for April 1 - 30, 2020 $40,125 April 1, 2021 Food inventory value: $5,950 April 30, 2021 Food inventory value: $5,190 Food purchases during April 20201 $13,940 Sales for April 1 - 30, 2021 $41,650 Answer the following questions given the above information: 9. What is the inventory turnover rate of food for April 2020? (0.5 pts) 10. What is the inventory turnover rate of food for April 2021? (0.5 pts) 11. How many days of business does the April 2020 inventory support? (0.5 pts) (Answer should be rounded to a whole number) 12. How many days of business does the April 2021 inventory support? (0.5 pts) (Answer should be rounded to a whole number) 13. What (if anything) can be observed about the differences in inventory turnover rate and inventory supply for April 2021 as compared to April 2020? (1 pt) The following information applies to the mythical Really Busy Restaurant and Bar: For the period food revenues are $78,165 and beverage revenues are $19,940. The actual food cost in dollars is $1,780 more than the standard/budgeted food cost. The actual beverage cost percentage is 2.80% higher than the standard/budgeted beverage cost. Solve all problems for 2 decimal places (x.xx) 14. $1,780 variance in food cost = % (1 pt) 15. 2.80% variance in beverage cost = $ (1 pt) 16. Which cost area (food or beverage) is likely to have the most significant cost control related impact on overall cash flows and profitability and why (explain your answer)? (1 pts)
