Betta Burger Case Study Paper
Ordering of Stock:
Betta Burger needs to continuously ensure that minimum stock levels are sustained in order to meet demand while not exceeding maximum stock levels preventing wastage, by comparing quantity of raw materials ordered to the number of units sold regularly.
Steps:
1. Betta Burger must make use of the First-In-First-Out (FIFO) inventory costing method, as these products are perishable. This allows for the management of expiration dates and maintaining freshness to prevent loss due to stale goods.
2. Before an order is placed, a stock clerk must perform a stock take (as per the Perpetual system) in order to determine current stock levels and the urgency for new raw materials. Although the stock clerk has authorised access to …show more content…
Goods are purchased on credit to improve cash flow.
6. Kitchen staff need to account for the amount of materials used. Inventory records need to be continuously updated by the stock clerk when stock movements are involved. The senior manager needs to perform daily stock taking and compare the sales figures with the amount of stock on hand, as a reconciliation process, in order to detect theft.
Receipt of Goods:
Steps:
1. Upon receipt of goods, Betta Burger will receive a delivery note/supplier invoice with all the details of the stock ordered.
2. Before record keeping is performed, the stock clerk needs to inspect the goods to ensure that it meets the requirements. This includes evaluation of the quality of stock as well as comparison between the quantity delivered and the number of units ordered.
3. The senior manager will need to sign for the receipt of stock, in good condition.
4. Upon receipt of the signed supplier invoice, the book keeper is tasked with capturing the information into the electronic accounting system, whereby the raw materials account is debited and supplier account is credited while taking into account the input VAT (on invoice …show more content…
The movements also need to be recorded in the Production Cost Statement to determine the Cost of goods produced.
Selling of Finished Products:
CCTV cameras will be placed around the point of sale cash registers in order to discourage theft, by recording and playing back the footage to identify suspects.
Steps:
1. A copy of the receipt must be filed in the records. The book keeper is responsible for crediting Trading Stock and debiting Bank, once the cash is deposited. The VAT amount must be recorded under VAT Output in the General Ledger.
2. Transaction must also be recorded in the Cost of Finished Goods Sold note by the book keeper to determine Cost of Sales which would be portrayed in the Trading Statement.
3. Aside from collecting the cash, the cashier will also be responsible for marketing the goods of Betta Burger and conveying sincere customer service to increase demand.
4. The customer must receive a receipt before receiving the product to ensure that the transaction is recorded in the point of sale software.
5. A record of receipts will allow Betta Burger to determine demand and evaluate the success of each product. This will lead back to the ordering stage of the
Betta Burger needs to continuously ensure that minimum stock levels are sustained in order to meet demand while not exceeding maximum stock levels preventing wastage, by comparing quantity of raw materials ordered to the number of units sold regularly.
Steps:
1. Betta Burger must make use of the First-In-First-Out (FIFO) inventory costing method, as these products are perishable. This allows for the management of expiration dates and maintaining freshness to prevent loss due to stale goods.
2. Before an order is placed, a stock clerk must perform a stock take (as per the Perpetual system) in order to determine current stock levels and the urgency for new raw materials. Although the stock clerk has authorised access to …show more content…
Goods are purchased on credit to improve cash flow.
6. Kitchen staff need to account for the amount of materials used. Inventory records need to be continuously updated by the stock clerk when stock movements are involved. The senior manager needs to perform daily stock taking and compare the sales figures with the amount of stock on hand, as a reconciliation process, in order to detect theft.
Receipt of Goods:
Steps:
1. Upon receipt of goods, Betta Burger will receive a delivery note/supplier invoice with all the details of the stock ordered.
2. Before record keeping is performed, the stock clerk needs to inspect the goods to ensure that it meets the requirements. This includes evaluation of the quality of stock as well as comparison between the quantity delivered and the number of units ordered.
3. The senior manager will need to sign for the receipt of stock, in good condition.
4. Upon receipt of the signed supplier invoice, the book keeper is tasked with capturing the information into the electronic accounting system, whereby the raw materials account is debited and supplier account is credited while taking into account the input VAT (on invoice …show more content…
The movements also need to be recorded in the Production Cost Statement to determine the Cost of goods produced.
Selling of Finished Products:
CCTV cameras will be placed around the point of sale cash registers in order to discourage theft, by recording and playing back the footage to identify suspects.
Steps:
1. A copy of the receipt must be filed in the records. The book keeper is responsible for crediting Trading Stock and debiting Bank, once the cash is deposited. The VAT amount must be recorded under VAT Output in the General Ledger.
2. Transaction must also be recorded in the Cost of Finished Goods Sold note by the book keeper to determine Cost of Sales which would be portrayed in the Trading Statement.
3. Aside from collecting the cash, the cashier will also be responsible for marketing the goods of Betta Burger and conveying sincere customer service to increase demand.
4. The customer must receive a receipt before receiving the product to ensure that the transaction is recorded in the point of sale software.
5. A record of receipts will allow Betta Burger to determine demand and evaluate the success of each product. This will lead back to the ordering stage of the