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The following figures are from the accounting records of the welcome back week for TK's Restaurant. Please use this data to calculate: actual cost
The following figures are from the accounting records of the welcome back week for TK's Restaurant. Please use this data to calculate: actual cost percent, standard cost percent, and potential savings in dollars. (12 points) (Show your work for full credit - just answer will only get less than half or no points at all. Use two decimals. Please mark a), b), c) and d) on your answer.) Total Sales $7,123 Total Cost (from abstract) $1,735 Opening Inventory $975 Closing Inventory $460 Food Purchases $2,860 Transfers In $600 Transfers Out $1,500 Employee Meals $590 a) Standard cost percent (3 points) b) Actual cost percent (3 points) c) Potential savings in dollars (3 points) d) Potential savings in percentage (3 points)
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