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The following restaurant food figures refer to a single time period: Beginning inventory = $20,000 Food Purchases = $15,000 Closing Inventory = $ 4,000 Wine

The following restaurant food figures refer to a single time period: Beginning inventory = $20,000 Food Purchases = $15,000 Closing Inventory = $ 4,000 Wine sales = $ 7,000 Food sales = $ 90,000 What is the restaurants cost of food sold for this time period? What is the food cost percentage? Write down all the steps for the calculation

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