Standard food costs and actual food costs

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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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