Exam 11: Inventory Procedures and Controlling Costs

A(n) ____________________ ____________________ is a continuous or endless inventory.

The _____ tells the food service operator what percentage of the total sales for that period was used to purchase food for the operation.

Purchases + beginning inventory - food in production - final inventory = Cost of food sold

Find the cost of food sold or the monthly food cost percent. Round percent answers to the nearest hundredth. Food in Production: $4,285 Sales: $83,121 Inventory at Beginning of Month: $9,538 Purchases for the Month: $35,163 Final Inventory: $7,214 Cost of Food Sold: $_______________

Find the cost of food sold or the monthly food cost percent. Round percent answers to the nearest hundredth. Food in Production: $6,410 Sales: $105,380 Inventory at Beginning of Month: $9,021 Purchases for the Month: $53,583 Final Inventory: $8,468 Cost of Food Sold: $_______________

When doing a(n) ____________________ ____________________, an actual count is taken of all stock on hand.

Find the cost of food sold or the monthly food cost percent. Round percent answers to the nearest hundredth. Food in Production: $8,440 Sales: $100,555 Inventory at Beginning of Month: $8,638 Purchases for the Month: $47,651 Final Inventory: $7,807 Monthly Food Cost Percent: _______________%

An inventory is a catalog or itemized list of stock and its estimated value.

Round percents to the nearest hundredth. Given the total sales = $323,138 If the cost of fish = $23,710.15 Find the food cost percent for fish. _______________%

A physical inventory is a continuous or endless inventory. It is a record that is taken in the storeroom to show the balance on hand for each storeroom item.

To find the monthly food cost percent, _____.

Round percents to the nearest hundredth. Given the total sales = $422,000 If the cost of the meat = $46,456.50 Find the food cost percent for meat. _______________%

Find the cost of food sold or the monthly food cost percent. Round percent answers to the nearest hundredth. Food in Production: $5,460 Sales: $91,557 Inventory at Beginning of Month: $9,128 Purchases for the Month: $38,910 Final Inventory: $8,308 Monthly Food Cost Percent: _______________%

Find the cost of food sold or the monthly food cost percent. Round percent answers to the nearest hundredth. Food in Production: $4,570 Sales: $38,800 Inventory at Beginning of Month: $4,531 Purchases for the Month: $38,467 Final Inventory: $3,136 Cost of Food Sold: $_______________

A(n) _____ is a catalog or itemized list of stock and its estimated value.