A "Weighted Average Sale Per Guest" Is a Calculation of the Number

question 26

Multiple Choice

A "weighted average sale per guest" is a calculation of the number of guests served in a number of time periods and

• A) the amount of profit made in the same time periods.
• B) how much the guests spent in the same time periods.
• C) the total amount of expense incurred in the same time periods.
• D) how many hours the operation is open during all of the same time periods.

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Definitions:

Inventory Count

A physical verification of the quantities and condition of items in a company's inventory, used to ensure accuracy of accounting records.

LIFO Method

Last In, First Out; an accounting method for valuing inventory by treating the most recently produced items as the first to be sold.

Cost Of Goods Sold

Direct costs attributable to the production of goods sold by a company, including materials, labor, and overhead.

Merchandise

Goods that are purchased, stored, and sold by a business in the ordinary course of its operations, often referred to as inventory.