Homework Answers
ANSWER 2- OPTION B
EXPLAINATION- IF SALE IS $1 THEN WE MULTILPLY $1*32.8%=$0.328 THIS $0.328 IS THE COST WHICH WE INCCUR ON $1 SALES.
ANSWER 3- OPTION B
EXPLANATION :- FORMULA FOR INVENTORY TURNOVER RATE =COST OF GOOD SOLD/AVERAGE INVENTORY
INVENTORY TURNOVER RATE=$36000/$12000=3
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2. If food cost percent is 32.8%, then cost per dollar sale equals: a. $.0328 b....
3. If average inventory is $12,000, food sales are $90,000, and cost of food sold is...
3. If average inventory is $12,000, food sales are $90,000, and cost of food sold is $36,000, then inventory turnover rate is: a. 2.5 b. 3.0 c. 7.5 Answer:
1. The following figures for November have been taken from the financial records of three units...
1. The following figures for November have been taken from the financial records of three units in the Pasta Pit chain. Determine total food issues for each. a. Opening inventory $ 1,500.00 Purchases 4,600.00 Closing inventory 1,722.00 b. Closing inventory $12,083.00 Opening inventory 10,371.00 Purchases 28,468.00 c. Purchases $65,851.08 Closing inventory 18,335.10 Opening inventory 19,874.77 Answer: 2. If food cost percent is 32.8%, then cost per dollar sale equals: a. $.0328 b. $.328 c. $3.28 wer:
Cost of goods available for sale is equal to cost of goods sold: a. Plus cost...
Cost of goods available for sale is equal to cost of goods sold: a. Plus cost of ending inventory. b. Less cost of ending inventory. c. Divided by cost of ending inventory. d. Multiplied by cost of ending inventory. a) Plus cost of ending inventory. Ob) Less cost of ending jinventory. c) Divided by cost of ending inventory. d) Multiplied by cost of ending inventory. Inventory turnover at retail is equal to net sales divided by: a. Beginning inventory at...
A company reports the following: Cost of goods sold $630,000 Average inventory 90,000 Determine (a) the...
A company reports the following: Cost of goods sold $630,000 Average inventory 90,000 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a. Inventory turnover b. Number of days' sales in inventory days
please answer in format provided Baxter, Inc., owns 90 percent of Wisconsin, Inc., and 20 percent...
please answer in format provided
Baxter, Inc., owns 90 percent of Wisconsin, Inc., and 20 percent of Cleveland Company Wisconsin, in turn, holds 60 percent of Cleveland's outstanding stock. No excess amortization resulted from these acquisitions. During the current year. Cleveland sold a wariety of inventory items to Wisconsin for $40,000 although the original cost was $30,000. Of this total, Wisconsin still held $12,000 in inventory (at transfer price) at year-end. During this same period, Wisconsin sold merchandise to Baxter...
6. Beginning inventory plus the cost of goods purchased equals a. cost of goods sold. b....
6. Beginning inventory plus the cost of goods purchased equals a. cost of goods sold. b. cost of goods available for sale. c. net purchases. d. total goods purchased.
Dollar General Corporation operates general merchandise stores that feature quality merchandise at low prices to meet...
Dollar General Corporation operates general merchandise stores
that feature quality merchandise at low prices to meet the needs of
middle-, low-, and fixed-income families in southern, eastern, and
midwestern states. For the year ended January 29, 2016, the company
reported average inventories of $2,900 (in millions) and an
inventory turnover of 4.83. Average total fixed assets were $2,190
(million) and the fixed asset turnover ratio was 9.32.
1-a. Calculate Dollar General’s net sales and
cost of goods sold.
1-b. Calculate...
Which company will have the lower number of days to sell? O Company A whose cost...
Which company will have the lower number of days to sell? O Company A whose cost of goods sold equals $1,000 and whose average inventory is $100. O Company B whose cost of goods sold equals $2,000 and whose average inventory is $100. O Company C whose cost of goods sold equals $2,000 and whose average inventory is $200 There is not enough information to answer this question. Which of the following would cause the greatest increase in a company's...
A A A Accounts Receivabil Food Inventory Total Current Assets Accounts Payable Accrued Expenses Total Current...
A A A Accounts Receivabil Food Inventory Total Current Assets Accounts Payable Accrued Expenses Total Current Liabilities A $ 100,000 A Problem 9 The New K Inn has provided the following selected financial information: Balance Sheet * Cash $100,000 X Property and equipment $2,000,000 abo v ibile Income Statement * Room sales $1,500,000 Food sales 500,000 older Cost of food sold 150,000 + Net income solo 200,000 Ratios Current ratio Food inventory turnover 12 times Average collection period 20 days...
Hospitality Cost Accounting Exercise XYZ RESTAURANT SALES $1,400,000.00 100.00% FOOD BEVERAGE TOTAL SALES COST OF FOOD...
Hospitality Cost Accounting Exercise
XYZ RESTAURANT SALES $1,400,000.00 100.00% FOOD BEVERAGE TOTAL SALES COST OF FOOD SOLD $485,000.00 34.64% GROSS PROFIT $915,000.00 65.36% EXPENSES SALARY $180,000.00 12.86% WAGES $200,000.00 14.29% 4.64% 6.43% 9.29% EMPLOYEE $65,000.00 BENEFITS SUPPLIES $90,000.00 RENT $130,000.00 UTILITIES $120,000.00 TRASH REMOVAL $8,500.00 LEGAL & $20,000.00 ACCOUNTING 8.57% 0.61% 1.43% TOTAL EXPENSES $813,500.00 58.11% LEGAL & ACCOUNTING $20,000.00 1.43% TOTAL EXPENSES $813,500.00 58.11% PROFIT BEFORE DEPREC. AND INCOME TAXES $101,500.00 7.25% Please show all your work! a. Sales...
3. If average inventory is $12,000, food sales are $90,000, and cost of food sold is $36,000, then inventory turnover rate is: a. 2.5 b. 3.0 c. 7.5 Answer:
1. The following figures for November have been taken from the financial records of three units in the Pasta Pit chain. Determine total food issues for each. a. Opening inventory $ 1,500.00 Purchases 4,600.00 Closing inventory 1,722.00 b. Closing inventory $12,083.00 Opening inventory 10,371.00 Purchases 28,468.00 c. Purchases $65,851.08 Closing inventory 18,335.10 Opening inventory 19,874.77 Answer: 2. If food cost percent is 32.8%, then cost per dollar sale equals: a. $.0328 b. $.328 c. $3.28 wer:
Cost of goods available for sale is equal to cost of goods sold: a. Plus cost of ending inventory. b. Less cost of ending inventory. c. Divided by cost of ending inventory. d. Multiplied by cost of ending inventory. a) Plus cost of ending inventory. Ob) Less cost of ending jinventory. c) Divided by cost of ending inventory. d) Multiplied by cost of ending inventory. Inventory turnover at retail is equal to net sales divided by: a. Beginning inventory at...
please answer in format provided
Baxter, Inc., owns 90 percent of Wisconsin, Inc., and 20 percent of Cleveland Company Wisconsin, in turn, holds 60 percent of Cleveland's outstanding stock. No excess amortization resulted from these acquisitions. During the current year. Cleveland sold a wariety of inventory items to Wisconsin for $40,000 although the original cost was $30,000. Of this total, Wisconsin still held $12,000 in inventory (at transfer price) at year-end. During this same period, Wisconsin sold merchandise to Baxter...
6. Beginning inventory plus the cost of goods purchased equals a. cost of goods sold. b. cost of goods available for sale. c. net purchases. d. total goods purchased.
Dollar General Corporation operates general merchandise stores
that feature quality merchandise at low prices to meet the needs of
middle-, low-, and fixed-income families in southern, eastern, and
midwestern states. For the year ended January 29, 2016, the company
reported average inventories of $2,900 (in millions) and an
inventory turnover of 4.83. Average total fixed assets were $2,190
(million) and the fixed asset turnover ratio was 9.32.
1-a. Calculate Dollar General’s net sales and
cost of goods sold.
1-b. Calculate...
Which company will have the lower number of days to sell? O Company A whose cost of goods sold equals $1,000 and whose average inventory is $100. O Company B whose cost of goods sold equals $2,000 and whose average inventory is $100. O Company C whose cost of goods sold equals $2,000 and whose average inventory is $200 There is not enough information to answer this question. Which of the following would cause the greatest increase in a company's...
A A A Accounts Receivabil Food Inventory Total Current Assets Accounts Payable Accrued Expenses Total Current Liabilities A $ 100,000 A Problem 9 The New K Inn has provided the following selected financial information: Balance Sheet * Cash $100,000 X Property and equipment $2,000,000 abo v ibile Income Statement * Room sales $1,500,000 Food sales 500,000 older Cost of food sold 150,000 + Net income solo 200,000 Ratios Current ratio Food inventory turnover 12 times Average collection period 20 days...
Hospitality Cost Accounting Exercise
XYZ RESTAURANT SALES $1,400,000.00 100.00% FOOD BEVERAGE TOTAL SALES COST OF FOOD SOLD $485,000.00 34.64% GROSS PROFIT $915,000.00 65.36% EXPENSES SALARY $180,000.00 12.86% WAGES $200,000.00 14.29% 4.64% 6.43% 9.29% EMPLOYEE $65,000.00 BENEFITS SUPPLIES $90,000.00 RENT $130,000.00 UTILITIES $120,000.00 TRASH REMOVAL $8,500.00 LEGAL & $20,000.00 ACCOUNTING 8.57% 0.61% 1.43% TOTAL EXPENSES $813,500.00 58.11% LEGAL & ACCOUNTING $20,000.00 1.43% TOTAL EXPENSES $813,500.00 58.11% PROFIT BEFORE DEPREC. AND INCOME TAXES $101,500.00 7.25% Please show all your work! a. Sales...
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