Calculate the following:

1) Monthly Cost of Food Sold

2) Actual food cost percentage

3) Standard food cost percentage

4) Potential savings in percentage 

5) Potential savings in dollars using the information below and considering that the Food Sales were 50,028.50 and Standard Cost of Sales was 16,749.75. Show the full calculation, not just the final answers, and round all calculations to hundredths of decimal unless they naturally round up to tenths or a whole number.

 

Transcribed Image Text:

Opening Inventory Purchases Closing Inventory Cost of Issues Cooking liquor Bar snacks Employees' meals $7,414.80 $17,642.80 $6,327.35 $18,730.25 $443.00 $226.00 $837.00 Opening Inventory Purchases Closing Inventory Cost of Issues Cooking liquor Bar snacks Employees' meals $7,414.80 $17,642.80 $6,327.35 $18,730.25 $443.00 $226.00 $837.00

Answer rating: 100% (QA)

To calculate the various values well follow these steps 1 Calculate the Monthly Cost of Food Sold 2 ... View the full answer