(Solved): . On Monday you take your weekly ending inventory and find thefollowing:Steak           ? ...

. On Monday you take your weekly ending inventory and find thefollowing:

• Steak                                       $3000
• Shrimp                                   $500
• Groceries                                $800
• Produce                                  $200
• Chicken                                  $500
• Spices &Herbs                      $500
• GroundChuck                        $500

The beginning inventory total was $10,000 and purchases were$2000. Your sales for the week are $18,000

1. What is your gross foodcost percent?

2. If your labor and benefitspercent is 40%, using your knowledge of prime costs should thebusiness be making money?