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.