What inventory costing method did you use to figure your cost of sales above? Answer:___________________________________.

Assuming that all sales are food sales, calculate the Food Cost % for ACME Restaurant. Answer:___________________________________.

Using the Costs of Sales from the above income statement, calculate the Inventory turnover for ACME Restaurant.

Answer:___________________________________.

Assuming that all of Costs of Sales and $550 of Expenses are variable (THE REST OF THE EXPENSES ARE FIXED), what will be the breakeven sales for ACME Restaurant?

Answer:___________________________________.

QUESTION 1 ACME Restaurant has the following inventory and purchasing records from last period's operation 220 cases a $2.10 per case 120 cases $2.08 per case 072 cases a $2.05 per case 180 cases @$2.03 per case 048 cases $2.03 per case 072 cases $2.04 per case 140 cases $1.98 per case Opening Inventory Purchases 1/6 1/12 Purchases 1/22 Purchases 1/27 Purchases 1/29 Purchases 1/31 Purchases Closing Inventory = 268 cases QUESTION 1 ACME Restaurant has the following inventory and purchasing records from last period's operation 220 cases a $2.10 per case 120 cases $2.08 per case 072 cases a $2.05 per case 180 cases @$2.03 per case 048 cases $2.03 per case 072 cases $2.04 per case 140 cases $1.98 per case Opening Inventory Purchases 1/6 1/12 Purchases 1/22 Purchases 1/27 Purchases 1/29 Purchases 1/31 Purchases Closing Inventory = 268 cases