Complete problem P5.9 and problem P5.12

For problem P5.12 - the following worksheet should help in completing the analysis:

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P5.9 At some of the banquets held in a hotel, the bar is operated on a cash ba- sis. All drinks are the same price. Banquet customers buy drink tickets from a cashier at the door. The customers then present the tickets to the bartender to obtain drinks. The bartender will not serve any drink without a ticket. As each ticket is presented, it is tom in half by the bartender to prevent its reuse. Tom tickets are subsequently discarded. At the end of the function the amount of drinks sold, calculated by taking an inventory of liquor still in bottles and deducting from the opening inventory, is compared with the cash taken in by the cashier and with the number of tickets sold. To cut costs, the hotel is considering eliminating the cashier's posi- tion and the sale of tickets. The customers will pay the bartender directly for the drinks. From an internal control point of view. what comments do you have about this proposal? DS P5.12 A Menu Item Item Cost Selling Quantity Cost Sold Total Standard Cost Total Standard Sales Revenue Cost of Sales (%) 1 2 3 4 $1.80 $2.10 $4.20 $3.05 $1.40 $3.95 260 $4.95 411 $8.95 174 $6.95 319 $3.95 522 5 $0.00 $0.00 Actual Cost Percent: Stndard Cost Percent: #DIV/0! P5.12 B Item Menu Item Selling Quantity Cost Sold Total Standard Cost Total Standard Sales Revenue Cost of Sales (%) Cost 1 2 3 $1.80 $2.10 $4.20 $3.05 $1.40 $3.95 $4.95 $8.95 $6.95 $3.95 100 411 174 500 522 4. 5 $0.00 $0.00 P5.12 A fast-food restaurant uses a standard cost approach to aid in controlling its food cost. The following are the standard cost, selling prices, and quan- tities sold of each of the five items featured on the menu during a par- ticular week: Item Standard Cost Selling Price Quantity Sold 260 1 2 3 4 $1.80 2.10 4.20 3.05 1.40 $3.95 4.95 8.95 6.95 3.95 174 319 522 Total actual cost for the week was $3,804.10 and total actual sales rev- enue was $8,873.40. a. Calculate total standard (food) cost, total standard sales revenue, and cost of sales percentages. Comment on the results. b. The following week, with no change in menu or standard cost and sell- ing prices, there was a change in the sales mix. Although quantities sold of Items 2, 3, and 5 were virtually the same, many more of Item 4 and many less of Item 1 were sold. As a result of this, would you expect the overall standard cost percentage to increase or decrease? Explain your answer. P5.9 At some of the banquets held in a hotel, the bar is operated on a cash ba- sis. All drinks are the same price. Banquet customers buy drink tickets from a cashier at the door. The customers then present the tickets to the bartender to obtain drinks. The bartender will not serve any drink without a ticket. As each ticket is presented, it is tom in half by the bartender to prevent its reuse. Tom tickets are subsequently discarded. At the end of the function the amount of drinks sold, calculated by taking an inventory of liquor still in bottles and deducting from the opening inventory, is compared with the cash taken in by the cashier and with the number of tickets sold. To cut costs, the hotel is considering eliminating the cashier's posi- lion and the sale of tickets. The customers will pay the bartender directly for the drinks. From an internal control point of view, what comments do you have about this proposal