Oseaan Veikoek Paleis (OVP) is a fast-food takeaway restaurant selling tasty stuffed seafood vetkoek to the public OVP prepares various stuffed seafood vetkoek meals. Mr. Seekat, the owner of OVP is your dear friend and he asked you to help him with calculating new selling prices (based on the cost prices of meals)
He also wants you to perform accounting calculations for the current month because he has not yet updated the sales prices for the current month on Pastel Partner and would like to know what the total sales for the month are, based on the new selling price.
Mr. Seekat provided you with the cost price per meal as well as the gross profit percentages for both standard and gourmet meals to be used in calculating the new selling prices.
Standard meals are meals prepared with more common types of seafood (eg hake) whilst gourmet meats include specially sourced seafood (eg prawns) that is not as freely available.
All meal combinations are made up of a protein (eg hake (H), prawns (P) or calamari(C)) and vetkoek (eg wheat vetkoek (W) or rye vetkoek (R))
Mr. Seekat gave you the following information:
a) The gross profit percentage is based on the cost of sales
b) The structure of the meal code is as follows
Character 1 The first character indicates the type of protein included m the meal
Character 2 The second character indicates the typo of vetkoek included in the meal
Character 3 The third character is a dash/hyphen
Character 4 The last and fourth character indicates whether the meal is classified as “standard’ (“SI or “gourmet” CG”) meal. This will influence the gross profit percentage/
c) The gross profit percentage for standard meals (S) is 20% (refer to cell C4)
d) The gross profit percentage for gourmet meals (Q) is 30% (refer to cell C5)
e) OVP is a registered VAT vendor. The Value Added Tax (VAT) percentage is 14% (refer to cell B7)
OPEN PDF HERE
Please login to get access to this quiz