Abstract:The cost of food involved food consumed whereas labor costs and overhead costs were excluded. Both excluded costs were charged to various department. The value of the cost-of-food-sold shown in the food cost report, can be used as a reference to improve operational efficiency and take corrective actions. The value of the cost of foods consumed can be directly obtained from the inventory card using the First In First Out (FIFO) Method. The FIFO method calculated the actual cost of goods from the value of the go… Show more
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