Exam 11: Inventory Procedures and Controlling Costs

The _____ may be taken at the end of each month or as frequently as needed, in order to determine the accurate cost of food consumed during that period.

A _____ is taken in the storeroom to show the balance on hand for each storeroom item.

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

Find the cost of food sold or the monthly food cost percent. Round percent answers to the nearest hundredth. Food in Production: $2,401 Sales: $69,271 Inventory at Beginning of Month: $5,366 Purchases for the Month: $24,338 Final Inventory: $4,312 Monthly Food Cost Percent: _______________%

At the end of each month, when the perpetual inventory of each item is taken, the physical inventory should match the physical inventory.

To find the monthly food cost percent, the purchases for the month are added to the inventory at the beginning of the month, and the final inventory plus the amount of food in production is subtracted to give the cost of food sold for the month.

At the end of each month, when the physical inventory of each item is taken, the physical inventory should match the _____.

Find the cost of food sold or the monthly food cost percent. Round percent answers to the nearest hundredth. Food in Production: $2,194 Sales: $29,724 Inventory at Beginning of Month: $7,208 Purchases for the Month: $14,267 Final Inventory: $5,163 Cost of Food Sold: $_______________

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

Round percents to the nearest hundredth. Given the total sales = $356,556 If the cost of produce = $30,965.82 Find the food cost percent for produce. _______________%

Find the cost of food sold or the monthly food cost percent. Round percent answers to the nearest hundredth. Food in Production: $1,750 Sales: $61,528 Inventory at Beginning of Month: $4548 Purchases for the Month: $25,893 Final Inventory: $4,396 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: $3,094 Sales: $73,803 Inventory at Beginning of Month: $4,574 Purchases for the Month: $30,784 Final Inventory: $2,766 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: $3,157 Sales: $36,188 Inventory at Beginning of Month: $7,680 Purchases for the Month: $13,600 Final Inventory: $4,040 Monthly Food Cost Percent: _______________%

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

Round percents to the nearest hundredth. Given the total sales = $225,000 If the cost of dairy = $15,861.44 Find the food cost percent for dairy. _______________%