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Determine the cost of food used

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Gene Washburn owns the GW Cafe' and needs assistance in determining both cost of food used and the cost of food sold for June 20X6. He provides information as follows:

Beginning food inventory $10,500
Food purchases $24,000
Cost of employee meals $500
Cost of promotional meals $300
Transfer from the beverage department $100
Transfers to the beverage department $150
Physical food inventory, end of June 20X6 $8,400

Required:

Problem 1. Determine the cost of food used.

Problem 2. Determine the cost of food sold.

Reference no: EM133012491

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