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Cost Control

What is the first-in first-out system used for? To allow older inventory item be used first before newer inventory items
What is a par level? Predetermined, regular purchase point amount
What is a waste log? a report that list any item that had to discarded and the reason why
What is a major cause of food cost in a food service operation? Not adhering to standardized recipes
What is Price-Value Relationship? The connection between selling price and its worth to the customer
AP stands for? As Purchased
EP stands for? Editable Portion
What is the As Purchase (AP) method Method used to cost an ingredient at the purchase price prior to any trim or waste being taken into account
What is the Edible Portion (EP) cost? Method used to cost an ingredient after it has been trimmed and waster has been removed so that only the usable portion of the item is reflected
How does food cost percentage method works? To determined menu prices based on the standard food cost percentage
Formula for Selling Price food cost divided by food cost percentage
Formula for Food Cost Percentage food cost divided by selling price
Formula for Cost of Goods selling price times food cost percentage
What is the Yield test? Test used to measure the amount of shrinkage that occurs during trimming and cutting products that are not cooked, such as produce
When do you do a Perpetual Inventory Control? At the close of each inventory period
What do you do during a Perpetual Inventory Control? Take a physical count and valuation of all inventory on hand
Created by: kalimu12