Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This problem is based on data from the Red White & Blues Bar. The problem has two parts: a and b. a. Please calculate the

image text in transcribed
image text in transcribed
image text in transcribed
This problem is based on data from the Red White & Blues Bar. The problem has two parts: a and b. a. Please calculate the beverage cost percentage for the Red White & Blues Bar based on the data presented below. Please fill in the blanks in the tables below. Do not type any units of measurement (for example dollar ($) or percentage (%)). Numbers only. If you obtain a negative number, please use the "-" character (such as -X.XX). For the beverage cost percentage below use the following format: XX.X (please round off to one digit). Please do not type the percentage (%) sign. Just numbers. Date item To bar ($) From bar ($) 5/1 Lemons 13 5/3 Cream 10 5/10 Lemons 9 5/10 13 5/11 5/17 30 5/20 40 25 5/29 35 10 Cream Wine Sherry Wine 5/23 Brandy Lemons TOTAL 22 LCITIUITS TOTAL Amount ($) 3,100 8,500 Category Beginning inventory Beverage purchases Beverage available for sale Closing inventory Cost of beverage consumed Beverage sales Mixers Cooking liquor Promotions 3,500 8,100 42,800 300 220 400 Beverage cost ($) Beverage cost percentage (%) h Dlanen romninth tha hlonke in the fallnininataht Beverage cost (5) Beverage cost percentage (%) b. Please complete the blanks in the following table, considering that (1) the bar had the goal of not exceeding 20% in beverage cost percentage (2) a variance of 0.4% in beverage cost percentage is acceptable For the maximum acceptable beverage cost percentage use the following format: XX.X (please round off to one digit). Please do not type the percentage (%) sign. Just numbers. Did the manager do a good job in controlling the beverage costs? Yes or No? What would be the maximum acceptable beverage cost percentage in this case

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

Audit Workbook

Authors: Azhar Ul Haque Sario

1st Edition

B0C9SG1YC6, 979-8851207891

More Books

Students also viewed these Accounting questions

Question

U U \begin{tabular}{lllll} S & x3 & x2 \\ \hline \end{tabular} x

Answered: 1 week ago

Question

How can acceptability of environmental policies be defined?

Answered: 1 week ago

Question

Decision Making in Groups Leadership in Meetings

Answered: 1 week ago