What was the number of days in which inventory was turned

Assignment Help Accounting Basics
Reference no: EM133170017

Question - From June 1 to the end of the business day on June 30, a restaurant had a food inventory turnover rate of 3.75. Food cost percent was 31.6%. Closing inventory was $6,700. What was the number of days in which the inventory was turned over in that month?

Reference no: EM133170017

Questions Cloud

Compute the portfolio weights : You constructed a portfolio with the following investments: share ($9,000), bonds ($11,000) and Treasury Bills ($10000). Compute the portfolio weights
What is the cash conversion cycle for coopie awards : What is the Cash conversion Cycle for Coopie Awards? (show your work). What does the cash conversion cycle indicate for Coopie Awards
What is the cost of food consumed dollars : The following information was collected at the end of the month: Food Sales $122,330 Cooking Liquor $400. What is the Cost of Food Consumed dollars
What is the total amount of unrealized gain : At December 31, 2018 the market price of West Riverside, Inc.'s stock was $22.5 per share. What is the total amount of unrealized gain
What was the number of days in which inventory was turned : Food cost percent was 31.6%. Closing inventory was $6,700. What was the number of days in which the inventory was turned over in that month
Prepare the schedule of raw materials placed in production : Using the information presented above, prepare the schedule of raw materials placed in production for the year ended December 31, 2019
Identify current government policies relating to health : Identify current government policies relating to health and social care in UK and Explain the impact of policy on the health and social care sector
How many units were started in the extrusion department : Over the course of the month, 5,500 units were completed and transferred out to the Weaving Department. How many units were started in the Extrusion Department
Explain what is to be gained by using the data product : Explain what is to be gained by using the data product. Consider various perspectives across different industries and audiences

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare the liabilities section of larkspurs balance sheet

Presented here are liability items for Larkspur Inc. at December 31, 2022. Prepare the liabilities section of Larkspurs balance sheet

  What is pension expense for the year

Assume the net pension expense for 2018, not including the amortization of the net gain component, is $339,000. What is pension expense for the year

  What computer-assisted audit technique could lou use

He offers no proof or names. What computer-assisted audit technique could Lou use to help him substantiate or refute the employee's claim

  What is the amount of the income or loss from the acceptance

Rylan Corporation received an offer from a potential new customer. What is the amount of the income or loss from the acceptance of the offer?

  Determine the balances of raw materials inventory

Determine the balances of raw materials inventory and work in process inventory accounts at the end of June 2013

  Centro

You are required to choose one of the companies below and do some research into its background and activities. If you wish to choose your own company this should be approved by your lecturer. The report can be completed individually or in groups of t..

  Illustrate the situation graphically

Illustrate the situation graphically. If the portfolio's value after 4 years is $291,437 what should you do?

  What is the new unit selling price

If Sultan's fixed product costs unexpectedly increase by 10%, what is the new unit selling price that would yield the same break-even sales

  What is the amount of the goodwill impairment

Identify a company that recorded a goodwill impairment in either 2020 or 2021. What is the amount of the goodwill impairment in dollars

  How much will accumulate in three years

At the beginning of the year you deposit $5,000 in a savings account. How much will accumulate in three years if you earn 8% compounded annually?

  Prepare the entries to record amortization for lessee inc

The lessee is not aware of the implicit rate of the lease, but the lessee's incremental borrowing rate is 6%. Prepare the entries to record amortization

  Discuss the redemption of the bonds at maturity

The redemption of the bonds at maturity, assuming interest for the last interest period

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd