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QuestionFind the minimum selling price for a filet mignon dinner costing \$13.50 with a food cost percent of 34.5%.

Studdy Solution

STEP 1

Assumptions1. The total plate cost for the filet mignon dinner is $13.50. The desired food cost percent is34.5%
3. The food cost percent is calculated as the ratio of the plate cost to the selling price

STEP 2

We need to find the selling price based on the food cost percent. The formula for food cost percent isFood cost percent=Plate costelling priceFood\, cost\, percent = \frac{Plate\, cost}{elling\, price}

STEP 3

We want to find the selling price, so we rearrange the formula to solve for the selling priceelling price=Plate costFood cost percentelling\, price = \frac{Plate\, cost}{Food\, cost\, percent}

STEP 4

Now, plug in the given values for the plate cost and food cost percent to calculate the selling price.
elling price=$13.5034.%elling\, price = \frac{\$13.50}{34.\%}

STEP 5

Convert the percentage to a decimal value.
34.5%=0.34534.5\% =0.345elling price=$13.500.345elling\, price = \frac{\$13.50}{0.345}

STEP 6

Calculate the selling price.
elling price=$13.500.345=$39.13elling\, price = \frac{\$13.50}{0.345} = \$39.13The minimum selling price you must charge is $39.13.

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