HTM 2030 Lecture Notes - Lecture 20: Inventory Turnover

• School: University of Guelph
• Department: Hospitality and Tourism Management
• Course: HTM 2030
• Professor: William Murray

Document Summary

It is essential that the sales price be standardized for all drinks: observing employee performance, manager personally observes bar operations regularly, designated employee, such as head bartender, observes bar, reports unacceptable performance and problems. Individuals unknown to the bartenders visit the bar, observe the employees and report problems: closed-circuit television systems can be installed to permit observation of bartenders and operations from a remote location. Cost: determine the cost of beverages sold compared with either actual cost or standard cost. Liquid measure: compare the number of ounces sold with the number of ounces consumed. Sales values: compare the potential sales value of beverages consumed with the actual revenue recorded. = value of beverages issued to the bar. Bar inventory value at the beginning of the month. Bar inventory value at the end of the month. = cost of beverages consumed (bev cost) (cid:1870)(cid:1853) (cid:1855)(cid:1871)(cid:1872) %=(cid:1854)(cid:1870)(cid:1853) (cid:1855)(cid:1871)(cid:1872) (cid:1854)(cid:1870)(cid:1853) (cid:1871)(cid:1853)(cid:1871)