1.List the steps in the receiving process. 2. In addition to an invoice, what paperwork is typically collected or completed by a receiving clerk? 3. Describe the proper setup for a refrigerator to operate efficiently. 4. What is FIFO and why is it important?

5. A restaurant purchases chicken breast four times each week and conducts an inventory weekly. The most recent weeks deliveries have been: Monday20 # chicken at $1.87/# Wednesday25 # chicken at $1.86/# Friday20 # chicken at $1.92/# Saturday45 # chicken at $1.93/# Calculate the possible values for 30 # of chicken left in inventory on Sunday afternoon using the FIFO, LIFO, weighted average, and most recent price methods. Assuming the restaurant rotates stock properly, provide the value using the actual price method as well. 6. Calculate a businesss inventory turnover rate if the opening inventory is valued at $1,800 and the clos- ing inventory is valued at $1,400 for the month. There are $6,200 in purchases for the month. Assume that the restaurant has no adjustments to the cost of food sold from employee meals, promo- tions, etc.