## (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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This question was answered on: Oct 15, 2019

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