In February, a restaurant had a beginning inventory of $85,000, made purchases of $235,000 and had an
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In February, a restaurant had a beginning inventory of $85,000, made purchases of $235,000 and had an ending inventory of $70,000. Employee meal costs for the month were $12,000. Food revenue for the month of February was $800,000. What was the restaurant’s food cost percentage for the month of February?
a. 29.75%
b. 31.25%
c. 32.75%
d. 38.5%
Ending InventoryThe ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
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Managerial Accounting for the Hospitality Industry
ISBN: 978-1119386223
2nd edition
Authors: Lea R. Dopson, David K. Hayes
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