Chapter 3 Homework 1. Give one example of a direct operating expense for the rooms department. 2. Write the formula to calculate cost of food sold. 3. Calculate cost of food sold using the below information: Beginning Inventory: $15,000 Ending Inventory: $6,000 Purchases: $3,000 Employee Meals: $500 4. List in order (from top bottom) on the income statement: Departmental Profit EBITDA Net Income Gross Operating Profit (GOP) Revenue Undistributed Expenses Cost of Sales Non-Operating Expenses 5. Why are most managers measured on Gross Operating Profit (GOP)? Do you agree that they should be assessed on this