Week 5 Assignment: Inventory and Budgeting Escoffier SCHOOL OF CULINARY ARTS Overview: Follow the instructions below, to demonstrate how math and inventory totals are used to calculate cost of goods and food cost %. 1. Chef Erin completes her inventory on Thursday evening and finds that she has $11,500 in product on hand. Throughout the week, she purchases $500 in dry goods, $900 in dairy products, and $1000 in meat products. At the end of the week, she conducts inventory and finds that she has $10,000 in inventory left on hand. Please answer the following questions: a. What was the COST OF GOODS SOLD during this time period? SHOW YOUR MATH! b. If weekly Sales or Revenue is $12,895, please calculate the Food Cost Percentage for that time period. BE SURE TO SHOW YOUR WORK."

Week 5 Assignment: Inventory and Budgeting Escoffier SCHOOL OF CULINARY ARTS Overview: Follow the instructions below, to demonstrate how math and inventory totals are used to calculate cost of goods and food cost %. 1. Chef Erin completes her inventory on Thursday evening and finds that she has $11,500 in product on hand. Throughout the week, she purchases $500 in dry goods, $900 in dairy products, and $1000 in meat products. At the end of the week, she conducts inventory and finds that she has $10,000 in inventory left on hand. Please answer the following questions: a. What was the COST OF GOODS SOLD during this time period? SHOW YOUR MATH! b. If weekly Sales or Revenue is $12,895, please calculate the Food Cost Percentage for that time period. BE SURE TO SHOW YOUR WORK."

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section20.3: Estimating Inventory

Problem 1WT

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Chef Erin completes her inventory on Thursday evening and finds that she has $11, 500 in product on hand. Throughout the week, she purchases $500 in dry goods, $900 in dairy products, and 51000 in meat products. At the end of the week, she conducts inventory and finds that she has $10,000 in inventory left on hand. Please answer the following questions: What was the COST OF GOODS SOLD during this time period? SHOW YOUR MATH! If weekly Sales or Revenue is $12,895, please calculate the Food Cost Percentage for that time period. BE SURE TO SHOW YOUR WORK"
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