Standard food costs and actual food costs

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Reference no: EM132237635

Assignment

Use the information given to find the dollar difference between standard food costs and actual food costs for the month of July. Provide at least two potential explanations for the difference.

Total Sales $299,600.22

Purchases $72, 562.45

Closing Inventory June 30 26,889.24

Gratis to the bar 85.62

Promotion Expense 211.87

Transfers from Kitchen to Other Units 637.38

Opening Inventory Aug 1st 26,687.45

Transfers to Kitchen from Other Units 1102.17

Cooking Liquor 487.18

Employee’s Meals:

Executives: $2,622.75 sales value; recent average food cost percent: 23%

Other staff 1,389 lunches @ $3.55

1,115 dinners @ $5.20

Reference no: EM132237635

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