plugin-Cost_control_problem_Answers_sp10
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plugin-Cost_control_problem_Answers_sp10

Course Number: HB HB267, Spring 2010

College/University: Michigan State University

Word Count: 644

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HB 267 Cost Controls: Homework quiz ANSWERS ANSWERS ANSWERS Menu item A B C D E F G H Totals ANSWERS Due: Thursday 2/18/10 15 points Standard/budgeted Number sold portion cost 207 $5.10 $1055.70 265 $7.60 $2014.00 565 $3.80 $2147.00 530 $5.95 $3153.50 162 $8.70 $1409.40 260 $6.90 $1794.00 560 $5.70 $3192.00 425 $4.80 $2040.00 2974 $16805.60 Solve all problems for 2 decimal places (x.xx) Food sales 1. Food cost...

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HB 267 Cost Controls: Homework quiz Due: Thursday 2/18/10 ANSWERS ANSWERS ANSWERS ANSWERS 15 points Menu item Number sold Standard/budgeted portion cost A 207 $5.10 $1055.70 B 265 $7.60 $2014.00 C 565 $3.80 $2147.00 D 530 $5.95 $3153.50 E 162 $8.70 $1409.40 F 260 $6.90 $1794.00 G 560 $5.70 $3192.00 H 425 $4.80 $2040.00 Totals 2974 $16805.60 Solve all problems for 2 decimal places (x.xx) Food sales $51,008.25 1. Food cost $ based on standard cost figures $16805.60 (1 pt) Sum of A thru H 2. Food cost % based on standard cost figures 32.95% (1 pt) 16805.60/51008.25 3. Contribution margin $ $34202.65 (1 pt) 51008.25 16805.60 Actual inventory figures Opening inventory $7,334.60 + Purchases $17,899.50 + Ending inventory $6,955.30 <-> = 18278.80 4. Cost of goods sold $ $18278.80 (1 pt) 5. Food cost % based on actual cost figures 35.83% (1 pt) 18278.80/51008.2518278.

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