Chapter 8 Monthly Inventory and Monthly Food Cost

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Presentation transcript:

Chapter 8 Monthly Inventory and Monthly Food Cost Principles of Food, Beverage, and Labor Cost Controls, Ninth Edition

Important Chapter Terms Closing inventory: Physical inventory at the end of a period, expressed in terms of units, value, or both Intraunit transfer: Food or beverage transfer between departments in a single hotel, restaurant, or similar establishment Interunit transfer: Food or beverage transfer between units in a chain Grease sales: Dollar value of fats and oils sold to rendering companies

Five Methods of Valuing Physical Inventory Actual purchase price First-in, first-out (latest prices) Weighted average purchase price Latest purchase price (most recent prices) Last-in, first-out (earliest prices)

Important Chapter Formulas Cost ÷ Sales = Cost % Cost of food sold ÷ Food sales = Food cost % Total inventory = Opening inventory + Closing inventory Average inventory = Total inventory ÷ 2 Inventory turnover = Food cost ÷ Average inventory

Techniques for Determining Cost of Employee Meals Cost of separate issues Prescribed amount per meal per employee Prescribed amount per period Sales value multiplied by cost percent

Determining Cost of Food Sold Opening inventory + Purchases = Total available for sale – Closing inventory = Cost of food issued + Cooking liquor + Transfers from other units = Subtotal – Food to bar (directs) – Transfers to other units – Grease sales – Steward sales – Gratis to bar(s) – Promotion expense = Cost of food consumed – Cost of employees’ meals = Cost of food sold © John Wiley & Sons, Inc. 2009