Calculate the cost of food sales under a periodic inventory system for the period ended November 30
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Question:
Calculate the cost of food sales under a periodic inventory system for the period ended November 30 given the following information:
- Inventory on November 30 is $ 6, 000
- Sales for the period were $ 450,000
- Purchases for the period were $ 72,000
- Inventory on October 31 was $ 5,000
Free employee meals for the period were as follows:
- Rooms Department $ 650
- Food Department $ 1,000
- Administration and General Department $ 220
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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