+1 862 207 3288 1. Briefly describe how a perpetual inventory system works.
b. In most operations, it is too expensive to maintain a perpetual inventory for all items. However, it may be beneficial for some items. Which items would you like to keep on a perpetual-inventory basis? Why?
2. What is the main difference between theft and pilferage?
3. Given the following data, compute the food cost percentage:
Total Sales: $500,000
Food Sales:75 percent of total sales
Beverage sales: 25 percent of total sales
Beginning food inventory: $25,000
Ending food inventory:$30,000
Total food purchases: $200,000
Employee meal cost: $6,000
4. If the beginning food inventory is $12,500, the food purchases are $40,000, and the food cost is $47,500, what is the ending food inventory (dollar amount)?
