Oak Restaurant has determined the following items on a per meal basis. Food Costs $4.84 Direct Labour $4.40 Variable Overhead $2.55 Fixed Overhead $1.51 Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. What should be the selling price of this meal if the markup is 20%?

Oak Restaurant has determined the following items on a per meal basis. Food Costs $4.84 Direct Labour $4.40 Variable Overhead $2.55 Fixed Overhead $1.51 Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. What should be the selling price of this meal if the markup is 20%?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Pine Restaurant currently has a fish and chips meal that sells for $13. The cost of the meal is $4. The restaurant wants to maintain a food cost percentage of 30%. Do not enter dollar signs or commas in the input boxes. Round your answers to 2 decimal places. a) What is the food cost percentage of the fish and chips meal? Food Cost Percentage: % b) To achieve a food cost percentage of 30%, what should the fish and chips meal sell for? Selling Price: $
What is the selling price of a dining room set at Macy's? Assume actual cost is $800 and 42% markup on selling price. Note: Round your answer to the nearest cent. Selling price
An office supply store adds a $2.50 markup to calculators and sells them for $6.95. (a) What is the cost (in $) of the calculators? $ (b) What is the percent markup based on cost? (Round your answer to the nearest tenth of a percent.) %
The menu price for a menu item is $20.02. The manager has decided that the cost of food should not exceed 34%. Calculate the Markup.
The owner of Big Burger Restaurant wants to determine the unit cost associated with their 10,000 sales of burgers for January 201A. The variable expenses per burger: Burger patty P5.50 Bread 2.00 Ketchup 0.50 Lettuce 6.00 Mayonnaise 0.50 Total variable cost P14.50 The fixed expenses are as follows: Labor P5,500 Rent 2,500 Insurance 500 Advertising 2,000 Utilities 4,800 Total fixed cost P15,300
Homoward Hardware buys cat liter for $6 less 20% per bag. The store's overhead is 45% of cost and the owner requires a profit of 20% of cost (a) (b) (c) (d) (e) (7) For how much should the bags be sold? What is the amount of markup included in the selling price? What is the rate of markup based on selling price? What is the rate of markup based on cost? What is the break-even price? What operating profit or loss is made if a bag is sold for $7 509
Skittles Pet store provides a dog wash service. Its highest and lowest bills of $3800 and $2400 were incurred in the months of May and November, respectively. If 500 dogs were washed in May and 100 dogs were washed in November what was the fixed cost associated with the company's water bill? (Round any intermediate calculations. to the nearest cent and your final answer to the nearest dollar.) O $3800 O $1400 O $2050 O $2400 Next► - Previous
2.A restaurant bakes its own bread for a cost of $165 per unit (100 loaves), including fixed costs of $43 per unit. A proposal is offered to purchase bread from an outside source for $110 per unit, plus $15 per unit for delivery. Prepare a differential analysis dated August 16 to determine whether the company should make or buy the bread.
5. The owner of Big Burger Restaurant wants to determine the unit cost associated with their 10,000 sales of burgers for January 201A. The variable expenses per burger: The fixed expenses are as follows: P5,500 2,500 P5.50 Labor Burger patty Bread 2.00 Rent Ketchup 0.50 Insurance 500 6.00 0.50 P14.50 Advertising 2,000 4,800 P15,300 Lettuce Mayonnaise Utilities Total variable cost Total fixed cost
Cost, Revenue, Profit You decide to begin selling ice cream cones at the local park and swap. Your cost for each ice cream cone is $1.33 plus you have to pay a fixed weekly fee of $240 for the booth. Your plan is to sell each ice cream cone for $2.75. 1. Write an expression to represent your total costs for the week if you sell n ice cream cones. Total Costs: 2. Write an expression to represent the revenue from the sale of n ice cream cones during the week. Revenue: 3. Write an expression that represents the profit for selling n ice cream cones in a given week. Profit: How many ice cream cones must you sell in order to make a positive profit? In order to make a positive profit, you would have to sell Select an answer ice cream cones. ↑
Homeward Hardware buys cat litter for $6 less 20% per baq. The store's overhead is 45% of cost and the owner requires profit of 20% of cost. 1. For how much should the bags be sold? 2. What is the amount of markup included in the selling price? 3. What is the rate of markup based on selling price? 4. What is the rate of markup based on cost? 5. What is the break-even price? 6. What operating profit or loss is made if a bag is sold for $6?
A restaurant bakes its own bread for a cost of $164 per unit (100 loaves), including fixed costs of $34 per unit. A proposal is offered to purchase bread from an outside source for $99 per unit, plus $7 per unit for delivery. Prepare a differential analysis dated July 7 to determine whether the company should Make Bread (Alternative 1) or Buy Bread (Alternative 2), assuming that fixed costs are unaffected by the decision. If an amount is zero, enter "0". For those boxes in which you must enter subtracted or negative numbers use a minus sign. Differential Analysis Make Bread (Alt. 1) or Buy Bread (Alt. 2) July 7 Make Buy Differential Bread Bread Effect (Alternative 1) (Alternative 2) (Alternative 2) Unit Costs: Purchase price Delivery Variable costs Fixed factory overhead Total unit costs Determine whether the company should make (Alternative 1) or buy (Alternative 2) the bread.