Question 1
An operation had a beginning inventory of $13,500 for an accounting period. In the accounting period the operation purchased $72,000 worth of food. Ending inventory for the operation in the period was $15,000. What was the operation's unadjusted cost of food sold for the period?Question 2
An operation had adjusted food cost of $10,800 in an accounting period. Revenue generated by the operation in the period was $45,000. What was the operation's adjusted food cost percentage for the period?Answer 1
$70,500Answer 2
24%