Cost Control and Purchasing Assignment Details, Week 5 Discussion Forum help

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Cost Control and Purchasing Assignment Details, Week 5 Discussion Forum help

Part 1: Primary Task

Within the Discussion Forum area, 100 – 150 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.

Proper inventory procedures and controls of products are one of the most important aspects of controlling costs. An inventory is an itemized list of goods and products, their on-hand quantity, and their dollar value. The most widely used pricing method in the restaurant and foodservice industry is the Latest Price Method. This is the latest price paid for a product to value an inventory. Many managers use Last in, Last out (LIFO) as an inventory method when the establishment intends to use the most recently delivered product before using any part of that same product previously on hand.

 Choice #2

  • Explain the Uniform Commercial Code (UCC) and its purpose.
  • Identify how it plays a role in products delivered to a restaurant or hotel.
  • Describe some items that benefit from this code and give an example of its insurance.