Food Cost Tools
There is a whole array of topics associated with food cost tools and food cost control. Chefs-Resources offers free prep worksheets, formulas, explanations of applied food cost tools/valuations, and so on. There is a free Declining Balance Worksheet, an explanation of Inventory Turns, and an excellent Excel Food Cost Calculation File which is available for free download. The Forty Thieves of Foodcost article has been a very popular read.
Month End Inventory and Food Cost
Managing your food cost also has a lot to do with managing your end of month inventory. Do you count items by the sheet-to-shelf or by the shelf-to-sheet method? Which one is better? We explain the difference in Taking Inventory.
Are all of your food credits and transfers entered correctly? Do you track them?
Do you verify the information on your month end inventory balance sheet? This is extreemly important if you want to be on top of your game in controlling your month end inventory accuracy.
Do you leave your food cost fate in the hands of the accounting department? Or do you verify their numbers (never trust someone else with your fate, always know your numbers). Use the Food Cost Calculation File (free download) to track all of your month end numbers and verify the numbers which accounting has.
End of Month Food Cost Calculation is as follows:
(Beginning Food Inventory + Purchases + Transfers In - Transfers Out - Credits - Ending Food Inventory) / Sales
Sales may be either Food Sales only -or- Food & Beverage Sales depending upon your operation's accounting method.
Click to download this free Excel Food Cost Calulator. Fill in the blue spaces and the math is calculated for you.
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