The Sandy Diners cost of sales percentages averages 33 percent for any month. Following are transactions for
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Question:
The Sandy Diner’s cost of sales percentages averages 33 percent for any month. Following are transactions for the month of June:
- Transfers from bar 440
- Transfers to bar 95
- Officer’s checks 400 at menu price
- Employee meals 200 at standard cost
- Storeroom issues 50,000
Compute the cost of food sold for the month of June if the perpetual inventory system is used in the storeroom. (10)
Related Book For
Financial Accounting
ISBN: 978-0132889711
1st Canadian Edition
Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper
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