Unit 4 – Monitoring Operations Assignment 4 – Question 1 Using the following information complete the questions below: MonthJanuaryFebruaryMarchTotalSales194,960194,023194,897603,880Beginning Inventory25,47625,43325,497Purchases65,56765,88966,129197,585Ending Inventory25,43325,49725,578 Calculate Actual Food Costs and Food Cost Percentage for the fullthree months ending March 31 (2 marks) Calculate the Average Inventory Turn Over for the month of February (1 mark) Calculate the Days Supply of Inventory for the month of January (1 mark) Calculate the Average Inventory Turn Over for the three month period ending March 31 (1 mark) Assignment 4 – Question 2 (6 marks) Pat needs your help reconciling in monthly inventory. 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.Closing inventory on June 30, 2015 $140,000Food Purchased in July $275,000Total July Food Sales: $1,200,000Standard Food Cost Percentage 23%Alcohol transferred to Kitchen from Bar $1,900Food transferred to the Bar from Kitchen $1,200Value of Inventory Counted on July 31 $138,000 Assignment 4 – Question 3 (9 marks) On February 15, Kelly incorrectly entered 20 bags of flour instead of 10 bags of flour she actually received into the inventory tracking system. Each bag of flour costs $19.95. Connie’s inventory is counted and adjusted to actual monthly. Connie does not find the error until March 5th. Will this error impact the February net income? If so, is net income higher or lower than expected and by how much? (2 marks) Kelly’s daughter Kit helped her value her January inventory of decorating supplies. Kit used the last price inventory method, when she should have used the FIFO valuation method. The following transactions took place during the month. Will this error impact the value of the January’s inventory? If so, is the value of the inventory higher or lower? Will it impact the January’s net income? If so, is net income higher or lower than expected and by how much? (5 marks)1/1 Opening Inventory 2 boxes @ $15 each1/5 Purchased 10 boxes @ $111/19 Purchased 12 boxes @ $101/26 Purchased 2 boxes @ $151/31 Closing Inventory 5 boxes (actual inventory counted) You have discovered that Kelly’s daughtercounted the suppliesin the supply room twice. As a result the January inventory is over valued by $400.Kelly’sdoes not make the same error in February when she counts inventory. Will the count error impact February net income? If so, is net income lower or higher than expected? How much? (2 marks) Assignment 4 – Question 4 (6 marks) Given the following figures from Connie’s Kitchen, determine the cost of food sold. Purchases $69,543.36Closing Inventory 20,963.71Gratis to the bar 78.73Promotion Expense 181.17Transfers from Kitchen to Other Units 637.38Opening Inventory 20,687.40Transfers to Kitchen from Other Units 986.45Cooking Liquor 543.18Employee’s Meals:Executives: $2,033.75 sales value; recent average food cost percent: 21%Other staff 1,422 lunches @ $3.801208 dinners @ $4.60
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