Deck 11: Inventory Procedures and Controlling Costs

Question 1

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.

Answer 1

True

Question 2

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

Answer 2

False

Question 3

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: $_______________

Answer 3

24,295

Question 4

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) perpetual inventory
B) daily food cost report
C) storeroom requisition
D) physical inventory

Question 5

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: _______________%

Question 6

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

A) monthly food cost percent
B) weekly inventory recapitulation
C) monthly profit and loss statement
D) final inventory

Question 7

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: _______________%

Question 8

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.

Question 9

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

A) profit and loss statement
B) inventory
C) storeroom requisition
D) daily food cost report

Question 10

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.

Question 11

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: $_______________

Question 12

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

A) perpetual inventory
B) storeroom inventory form
C) daily food cost report
D) purchases form

Question 13

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: $_______________

Question 14

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: $_______________

Question 15

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

Question 16

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: $_______________

Question 17

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

Question 18

To find the monthly food cost percent, _____.

A) the final inventory plus the amount of food in production is added to give the cost of food sold for the month, and the monthly food cost percent, the purchases for the month are divided by the inventory at the beginning of the month
B) 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
C) the purchases for the month are subtracted from the inventory at the beginning of the month, and the final inventory plus the amount of food in production is added to give the cost of food sold for the month
D) the final inventory plus the amount of food in production is added to give the cost of food sold for the month, and the monthly food cost percent, the purchases for the month are subtracted to the inventory at the beginning of the month

Question 19

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

A) profit and loss statement
B) perpetual inventory
C) monthly food cost report
D) inventory recapitulation form

Question 20

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: _______________%

Question 21

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

Question 23

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: _______________%

Question 25

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

Question 26

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: _______________%

Question 28

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. _______________%

Question 31

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

Question 32

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. _______________%

Question 33

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

Question 34

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. _______________%

Question 35

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. _______________%