Accounting Question

HM 322 Cost control Assignment 2 Title: Income Statement Problem 1- Based on the following information: Sales                 $875,000Sales Allowances $25,000Cost of Sales $276,250Labor Cost $51,000Operating Costs $395,250Income Taxes $42,500
Determine (demonstrate formulas used):Net sales; sales allowances percentage; cost of sales percentage; gross profit; gross profit percentage; mark up percentage; operating cost percentage; operating profit; net profit; net profit percentage  2- Based on the following information: RoomsFoodsBeveragesSales revenue$250,000$120,000$80,000Cost of sales$50,000$36,000$13,600Labor Cost$62,500$30,000$19,200Operating Expenses$87,500$41,400$22,800Determine (demonstrate formulas used):

The percentage of sales revenue provided by each division

• The cost of sales percentage to each division 

The gross profit to each division 

The operating profit to each division 

Instruction for the assignment:Instruction for writing: A word file A4 pages printed and deliveredType of writing style (Times New Roman) font size (14), Line space (1.5), Portrait Layout Justified. Also, a soft copy A4 word file named A2-your ID No. and delivered to the Course Leader.Deadline: Sunday, 28th April, 2024 during class timeGrades assigned: 10 Marks You should have a cover page for your assignment involving the following information: Course Name and its Code; Assignment Title; Student Full Name; Student ID No.; 

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Cost accounting identification in hospitality operations.

Purposes of cost accounting in hospitality operations.

Importance of cost management in decision making and control.

The hospitality manager’s role in cost control.