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(Solved) Attached is the Excel sheet. Please fill in the missing


Attached is the Excel sheet. Please fill in the missing information. First tab/questions is not so important. 


Chapter 5: Discussion Questions (Pg 234-235)

 

1. What are the two basic requirements of an internal control system?

 


 

4. Explain what separation of record-keeping from control of assets means

 

and why you would use it.

 


 

5. Explain how lapping works.

 


 

8. List and briefly discuss appropriate procedures for control over product

 

storage and explain how perpetual inventory cards can be used in control.

 


 

Explain the difference between standard and actual food cost. If the actual

 

food cost percentage is greater than the standard food cost, what might be the

 

reasons for the difference.

 


 

Chapter 5: Exercises (Pg 235-236)

 

E5.6 Explain the purpose of standard cost control.

 


 

E5.7 Identify to what standard food cost percentage is compared.

 


 

E5.10 A dishonest cashier is engaged in lapping. Using the data below

 

show how much was lapped each day.

 

Name

 

Arnold

 

Sayers

 

Carter

 

Tuney

 

Lossie

 

Martie

 

Buddy

 

Smithe

 

Brown

 

Total Stolen

 


 

Payment

 

$51.40

 

$62.11

 

$101.10

 

$110.90

 

$141.20

 

$162.75

 

$172.83

 

$185.22

 

$202.90

 


 

Date

 

2

 

4

 

7

 

12

 

14

 

17

 

22

 

27

 

30

 


 

Cash Removed

 


 

Explain how lapping can be prevented.

 


 

Name Credited

 


 

Formula for Lappin

 


 

Formula for Lapping

 


 

Chapter 5: Problem 5.10 (Pg 240)

 

A fast food restaurant has only three items on its menu.

 

a. Calculate the food cost percentage.

 

b. Calculate the standard food cost percentage if 50 of each are sold

 

c. Calculate the standard food cost percentage if sales are 25, 100, 25 units

 

d. Compute the contribution margin in each case

 

Formula for standard food cost percentage:

 


 

Item

 

1

 

2

 

3

 

Total

 


 

Cost

 

$2.20

 

3.25

 

3.75

 


 

Food Cost

 

Quantity Total Cost

 

%

 

$6.80

 

50

 

8.80

 

50

 

9.85

 

50

 

150

 


 

Price

 


 

Total

 

Sales

 


 

Contribution Margin ($,%)

 


 

Item

 

1

 

2

 

3

 

Total

 


 

Cost

 

$2.20

 

3.25

 

3.75

 


 

Food Cost

 

Quantity Total Cost

 

%

 

$6.80

 

25

 

8.80

 

100

 

9.85

 

25

 

150

 


 

Price

 


 

Total

 

Sales

 


 

Contribution Margin ($,%)

 

Analysis: Which scenario would you find more advantageous

 

and why?

 


 

Chapter 5: Problem 5.11 (Pg 241)

 

A coffee shop has only six items on its menu.

 

a. Compute the cost %, total standard cost, total standard revenue and total standard contribution for each item.

 

b. Calculate the total standard cost percentage, the actual cost percentage and actual contribution for this month.

 


 

Item

 

1

 

2

 

3

 

4

 

5

 

6

 

Total

 


 

Cost

 

$2.50

 

$1.80

 

$2.30

 

$1.80

 

$2.25

 

$2.80

 


 

Price

 


 

Cost %

 


 

$6.00

 

$4.60

 

$7.00

 

$5.30

 

$5.00

 

$8.00

 


 

# Sold

 


 

Standard

 

Cost Totals

 


 

654

 

2,195

 

1,110

 

990

 

295

 

259

 


 

Total Standard Food Cost %:

 


 

Actual Results:

 

Actual Results % of Standard Revenue:

 

Actual Results % of Actual Revenue:

 


 

Costs

 

$11,885.00

 


 

Compare the actual cost percentage with the standard cost percentage.

 

If you were the manager would you be satisfied with these results?

 


 

contribution for each item.

 


 

contribution for this month.

 


 

Standard

 

Revenue

 


 

Standard

 

Contribution

 


 

Revenue

 

Contribution

 

$30,880.00

 


 

Chapter 5: Problem 5.12 (Pg 241)

 

A fast food restaurant has five items on its menu.

 

a. Compute the total standard cost, total standard revenue and total standard contribution for each item

 

b. Calculate the overall cost %

 

c. Compare actual to standard results

 


 

Item

 

1

 

2

 

3

 

4

 

5

 

Total

 


 

Cost

 

$1.80

 

$2.10

 

$4.20

 

$3.05

 

$1.40

 


 

Price

 


 

Cost %

 


 

$3.95

 

$4.95

 

$8.95

 

$6.95

 

$3.95

 


 

# Sold

 


 

Standard

 

Cost Totals

 


 

260

 

411

 

174

 

319

 

522

 


 

Total Standard Food Cost %:

 


 

Actual Results:

 

Actual Results % of Standard Revenue:

 

Actual Results % of Actual Revenue:

 


 

Costs

 

$3,804.10

 


 

Analysis: In the next week many more of Item 4 and many fewer of Item 1 were sold.

 

(Other items were sold in the same quantities as this week.) Can you explain what then

 

happened with the food cost percentage?

 


 

ion for each item

 


 

Standard

 

Revenue

 


 

Standard

 

Contribution

 


 

Revenue

 

Contribution

 

$8,873.40

 


 

Item 1 were sold.

 

ou explain what then

 


 

 


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DATE ANSWERED

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