Please answer all questions to Problem Set 1 and also Questions 1-4. Thank You!!!

STANDARD COST WORKSHEET: FOOD COST % AND SELLING PRICE AND INVENTORY CONVERSION Price/Ingredient 1 lb = 25 Tbs 1 cup = 16 Tbs Calculating Standard Cost and Selling Price + PROBLEM SET 1 DATA FOR THIS WORKSHEET: INGREDIENT PURCHASE UNIT @ PRICE Macaroni noodles 20 lb @ $13.00 Salt 25/1 lb @5.75 Vegetable oil 6/1 gal @ 38.00 Margarine 30/1 lb @13.54 All-purpose flour 2/25 lb @13.50 Milk. 4/1 gal @11.96 Sharp cheddar cheese 10 lb block @40.00 Bread crumbs 10/1 lb @18.21 Worcestershire Sauce 1 gal @ 8.72 Dry Mustard 16 oz @9.49 0.65/lb 0.23/lb. 6.33/gal 0.45/lb. 0.27/16 2.99/gal 4.00/lb. 1.82/1b 0.0068/oz or. 148 Tbs. 0.149 1 lb = 64 Tbs PROBLEM SET 1:_CALCULATE THE INGREDIENTS' COST (0.3 pts each; 6 pts total) Fill in both right hand columns; Macaroni done as an example: Macaroni and Cheese YIELD: 24 SERVINGS 1 PANS, CUT 6 X 4 ONE SERVING IS 8 OZ. INGREDIENT Recipe Amount/recipe unit Cost/recipe Amount quantity Macaroni 3 lb, 8 oz 3.5 lb, X 0.65 lb 2.275 Salt 2 tbs. Vegetable Oil 2 tbs. Margarine 12 oz. Flour, all purpose Milk 1 gal Cheddar cheese, shredded 4 lb Bread crumbs 1 lb Worcestershire sauce Dry mustard 1 tbs TOTAL STANDARD COST = TOTAL COST/SERVING = 8 oz. 14 cup QUESTIONS: (0.5 pt each; 4.5 pt total) 1. If this sells for $5.00, what is the food cost %? 2 Using a desired food cost % of 35%, set a selling price? Would you charge that amount? Why or why not?(1.5 pt) 3. What are the limitations to the standard cost? 4. How can standard cost be used? STANDARD COST WORKSHEET: FOOD COST % AND SELLING PRICE AND INVENTORY CONVERSION Price/Ingredient 1 lb = 25 Tbs 1 cup = 16 Tbs Calculating Standard Cost and Selling Price + PROBLEM SET 1 DATA FOR THIS WORKSHEET: INGREDIENT PURCHASE UNIT @ PRICE Macaroni noodles 20 lb @ $13.00 Salt 25/1 lb @5.75 Vegetable oil 6/1 gal @ 38.00 Margarine 30/1 lb @13.54 All-purpose flour 2/25 lb @13.50 Milk. 4/1 gal @11.96 Sharp cheddar cheese 10 lb block @40.00 Bread crumbs 10/1 lb @18.21 Worcestershire Sauce 1 gal @ 8.72 Dry Mustard 16 oz @9.49 0.65/lb 0.23/lb. 6.33/gal 0.45/lb. 0.27/16 2.99/gal 4.00/lb. 1.82/1b 0.0068/oz or. 148 Tbs. 0.149 1 lb = 64 Tbs PROBLEM SET 1:_CALCULATE THE INGREDIENTS' COST (0.3 pts each; 6 pts total) Fill in both right hand columns; Macaroni done as an example: Macaroni and Cheese YIELD: 24 SERVINGS 1 PANS, CUT 6 X 4 ONE SERVING IS 8 OZ. INGREDIENT Recipe Amount/recipe unit Cost/recipe Amount quantity Macaroni 3 lb, 8 oz 3.5 lb, X 0.65 lb 2.275 Salt 2 tbs. Vegetable Oil 2 tbs. Margarine 12 oz. Flour, all purpose Milk 1 gal Cheddar cheese, shredded 4 lb Bread crumbs 1 lb Worcestershire sauce Dry mustard 1 tbs TOTAL STANDARD COST = TOTAL COST/SERVING = 8 oz. 14 cup QUESTIONS: (0.5 pt each; 4.5 pt total) 1. If this sells for $5.00, what is the food cost %? 2 Using a desired food cost % of 35%, set a selling price? Would you charge that amount? Why or why not?(1.5 pt) 3. What are the limitations to the standard cost? 4. How can standard cost be used