Using the Chef's Magic Circle, Complete the Following

question 43

Short Answer

Using the Chef's Magic Circle, complete the following. Round percent answers to the nearest hundredth and money answers to the nearest cent. Food Cost: $1.22 Food Cost Percent: 32% Sales Price: $_______________

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Definitions:

Freight-in

represents the cost of transporting goods into a business, typically considered as part of the cost of goods sold.

Operating Expense

An expense that a business incurs through its normal business operations, often including items like rent, utilities, and payroll.

Accrual System

An accounting method where revenue and expenses are recorded when they are earned or incurred, regardless of when cash is exchanged.

Revenue

The complete sum of earnings derived from selling goods or offering services that are central to a company's core business.