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...
-
FDP Company produces a variety of home security products. Gary Price, the companys president, is concerned with the fourth quarter market demand for the companys products. Unless something is done in...
-
A liquid mixture of 65 mole% n-nonane and 35 mol% n-octane enters a flash unit. In the flash unit, the pressure is reduced to 1 atm and half of the liquid is evaporated. find the temperature in the...
-
A 6 cylinder, 4 stroke I.C. engine is to develop \(89.5 \mathrm{~kW}\) at \(800 \mathrm{rpm}\). The stroke to bore ratio is 1.25:1. Assuming mechanical efficiency of \(80 \%\) and brake mean...
-
Van Rushing Hunting Goods' fiscal year ends on December 31. At the end of the 2011 fiscal year, the company had notes payable of $12 million due on February 8, 2012. Rushing sold 2 million shares of...
-
Actus reus usually depends on proof of a voluntary act or an omission. Mens rea is also required for criminal liability. Scenario 1: Alphonso believed that Francine, a work colleague had stolen his...
-
Comprehensive Problem 1 - Part 1: Taxpayer information, Form 1040, Schedules 1, 2, 3 and 4, Schedule A, and Schedule B. Noah and Joan Arc's Tax Return Note: This problem is divided into three parts....
-
Rewrite the following Excel formulas as expressions that would appear in a text. a. =2+(4-6)/9*3+2 b. 2+ (4-6)/(9*3)+2 c. =2+ (4-6)/9*(3+2) d. = 2+4-6/9*3+2 a. Choose the correct answer below. O A....
-
During a certain thermodynamic process a sample of gas expands and cools, reducing its internal energy by 2070 J, while no heat is added or taken away. How much work is done during this process?...
-
What methods can be employed to collect and analyze data for inclusion in a business report or proposal? Discuss the role of primary and secondary research in supporting the arguments or...
-
How does alternative splicing affect protein diversity in eukaryotic cells, and what implications does this have for tissue-specific gene expression ?
-
The spot price of an asset is $500 and the risk-free rate for all maturities is 3% with continuous compounding. The asset provides an income of $20 in six months, and again in one year. What is...
-
How does the non-coding RNA landscape contribute to epigenetic regulation and chromatin remodeling in eukaryotic cells ?
-
How much is the value of inventory loss?. On September 14, 2020, a typhoon damaged a warehouse of Corona Corporation. The entire company and many accounting records stored in the warehouse were...
-
Pearson Education, a publisher of college textbooks, would like to know if students prefer traditional textbooks or digital textbooks. A random sample of students was asked their preference and the...
-
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?
-
Given forecast errors of 3, 2, -2, and 9, what is the tracking signal?
-
Given a forecast of 2,105 and an actual outcome of 1,980, what is the error in the forecast? What is the percent error?
-
Given an actual demand of 34 this period, a predicted value of 45 this period, and an alpha of 0.2, what would be the simple exponential smoothing forecast for the next period?
Study smarter with the SolutionInn App