Assume that you have paid 10 dollars per pound for the salmon. (AP cost As Purchased...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Assume that you have paid 10 dollars per pound for the salmon. (AP cost "As Purchased Cost") Start with the whole fish (head and tail, but already cleaned.) Assume that your fish weighs 10 pounds. (AP weight "As Purchased Weight") In this exercise we are serving steaks. Assume that you want to serve 7 ounce steaks The "Units of Measurement considered here is 16 ounces per pound. Remove the head and the tail. Split the salmon into two sides, removing the backbone and ribs. Skin both halves and remove any other bones, fins, etc. Now you have two skinned, deboned sides of salmon. Once you have finished dressing the salmon you have 6.7 pounds remaining. (EP "Edible Portion") 1.) What is the yield percentage? Do not enter the % sign. 2.) What is the true cost per pound? (i.e. the cost per pound of the edible portion) Do not include the $ sign in your answer. 3.) What will your true cost per portion be? Do not include the $ sign in your answer. 4) How much do you want to charge per portion? (Selling Price) Assume you want to realize a 230 percent markup on the salmon. Do not include the $ sign in your answer. 5.) Now suppose that you are doing a banquet for 270 people. How many pounds of salmon do you need to buy? If rounding is required, round up to the next whole pound. 6.) Calculate the food cost (purchase cost) percentage of the selling price. Correct to 3 decimal places. Do not include the % sign in your answer. Useful Formulas Yield % = EP (Edible Portion)/AP weight (As Purchased Weight)* 100 True Cost = AP (As Purchased Cost) / Yield % Portion Cost = (True Cost/Units of Measurement) * Portion Size Selling Price = Portion Cost + Markup Required Pounds = [(Number of People Portion Size) / Yield %] / Units of Measurement Food Cost % = (Portion Cost / Selling Price)* 100 * Assume that you have paid 10 dollars per pound for the salmon. (AP cost "As Purchased Cost") Start with the whole fish (head and tail, but already cleaned.) Assume that your fish weighs 10 pounds. (AP weight "As Purchased Weight") In this exercise we are serving steaks. Assume that you want to serve 7 ounce steaks The "Units of Measurement considered here is 16 ounces per pound. Remove the head and the tail. Split the salmon into two sides, removing the backbone and ribs. Skin both halves and remove any other bones, fins, etc. Now you have two skinned, deboned sides of salmon. Once you have finished dressing the salmon you have 6.7 pounds remaining. (EP "Edible Portion") 1.) What is the yield percentage? Do not enter the % sign. 2.) What is the true cost per pound? (i.e. the cost per pound of the edible portion) Do not include the $ sign in your answer. 3.) What will your true cost per portion be? Do not include the $ sign in your answer. 4) How much do you want to charge per portion? (Selling Price) Assume you want to realize a 230 percent markup on the salmon. Do not include the $ sign in your answer. 5.) Now suppose that you are doing a banquet for 270 people. How many pounds of salmon do you need to buy? If rounding is required, round up to the next whole pound. 6.) Calculate the food cost (purchase cost) percentage of the selling price. Correct to 3 decimal places. Do not include the % sign in your answer. Useful Formulas Yield % = EP (Edible Portion)/AP weight (As Purchased Weight)* 100 True Cost = AP (As Purchased Cost) / Yield % Portion Cost = (True Cost/Units of Measurement) * Portion Size Selling Price = Portion Cost + Markup Required Pounds = [(Number of People Portion Size) / Yield %] / Units of Measurement Food Cost % = (Portion Cost / Selling Price)* 100 *
Expert Answer:
Answer rating: 100% (QA)
1 Yield EP Edible Portion AP weight As Purchased Weight 100 ... View the full answer
Related Book For
Management Accounting Information for Decision-Making and Strategy Execution
ISBN: 978-0137024971
6th Edition
Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young
Posted Date:
Students also viewed these accounting questions
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
We investigated different ways that you can price the use of amusement park rides in a place like Disneyland. We now return to this example. Assume throughout that consumers are never at a corner...
-
Assume that you have been hired by Big Sky Corporation as a summer intern. The company is in the process of preparing its annual financial statements. To help in the process, you are asked to prepare...
-
The use of prenumbered checks in disbursing cash is an application of the principle of: (a) establishment of responsibility. (b) segregation of duties. (c) physical controls. (d) documentation...
-
A particle of mass m1 and velocity v1 collides with a particle of mass m2 at rest. The two particles stick together. What fraction of the original kinetic energy is lost in the collision?
-
Consider the dynamical system x k + 1 = Ax k . (a) Compute and plot x 0 ,x 1 ,x 2 ,x 3 , for x 0 (b) Compute and plot x 0 ,x 1 ,x 2 ,x 3 , for x 0 (c) Using eigenvalues and eigenvectors, classify the...
-
The Gumey Hosiery Company provides you with the following miscellaneous data regarding operations in 2006. There are no beginning or ending inventories. Compute the (1) variable selling and...
-
An investor considers investing $10,000 in the stock market. He believes that the probability is 0.30 that the economy will improve, 0.40 that it will stay the same, and 0.30 that it will...
-
GreenCut Lawnmowers is thinking about buying a new piece of machinery that costs $185,000. After its estimated useful life of six years, the machine will have no salvage value. GreenCuts management...
-
Senior Home Living (SHL) is a Canadian-based corporation located in British Columbia. SHL provides senior living residences across Canada. The company was incorporated in 1975, and has been...
-
Dan, a driver for your accounting firm is making deliveries on company time. He stops off for a beer at lunch, drives drunk, and causes an accident. Is your firm liable for the damages and injuries...
-
What is an audit-sensitive process? When is a process considered to be audit-sensitive? Illustrate with examples.
-
When we are given the value of the _____________________ variable, we can use the least-squares regression line to predict the value of the ______________________ variable. In Exercises 57, fill in...
-
Why is there a need for financial statement audits?
-
Describe circumstances under which the sum of the squared residuals will equal zero. What conclusions can be drawn about the least-squares regression line in this case?
-
Identify the major types of audits performed in the U.S. today.
-
NOTE: This answer was provided before and it iswrong: Using property she inherited, Lei makes a 2022 gift of \( \$ 16,200,000 \) to her adult daughter, Doris. Neither Lei nor her spouse, Greg, have...
-
Cleaning Service Company's Trial Balance on December 31, 2020 is as follows: Account name Debit Credit Cash 700 Supplies Pre-paid insurance Pre-paid office rent Equipment Accumulated depreciation -...
-
Is employee training an example of a discretionary expenditure? Why?
-
How is a just-in-time manufacturing system different from a conventional manufacturing system?
-
What is a line of credit? How is it useful to a small organization?
-
How many months does it take to save $200,000.00 based on the information provided in this problem?---
-
What is the amount oi the credit to employee city income tax payable?
-
Milat is the total yearly gross pay for all employees?
Study smarter with the SolutionInn App