plugin-Cost_control_problem_Answers_sp10

plugin-Cost_control_problem_Answers_sp10 - HB 267 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) 18278.80/51008.25 6. Difference between standard and actual cost in $ <$1473.20> (1 pt) + or <-> #1 - #4 7. Difference between standard and actual cost % <2.88%> (1 pt) + or <-> #2 - #5 (Be sure to indicate whether the differences in questions 6. and 7. are positive or negative) 8. Explain the significance of and the possible reasons for the dollar and percentage differences between the standard costs and the actual costs. What are some of the possible causes? What is important to understand about the difference? (2 pts) The standard cost is what you have projected your costs to be. The actual cost is what the cost is based upon physical
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