Chapter 8- Monthly Inventory And Food Cost

Question 1

What is the purpose of physical inventory ?

Answer 1

1. The purpose of physical inventory is to determine the actual cost of the foods and beverages used during the month .
2. The purpose is to provide a list of goods on hand .

Question 2

What does physical inventory require ?

Answer 2

It requires counting the actual number of units on hand of each item in stock and recording that number in an appropriate place .

Question 3

What are the 5 possible ways to assign values to units of product in a physical inventory?

Answer 3

1. Actually purchase price method
2. First in ,first out
3. Weighted average purchase price methods
4. Latest purchase price method
5. Last in ,first out

Question 4

What is a physical inventory ?

Answer 4

Physical inventory is taking at the close of an accounting period , typically after the close of business on the last day of calendar month

Question 5

What is transfers ?

Answer 5

It is , when goods are purchased by one unite or department and given to another

Question 6

What is a steward ?

Answer 6

Selling merchandise of the same value price to an employee with no initial benefits or profits

Question 7

What is gratis to bars ?

Answer 7

Produce food and give them out for free in order to promote drink sales

Question 7

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Answer 7

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