restaurant supplies suffered a terrible tornado and its entire merchandise inventory 4373704

Restaurant Supplies suffered a terrible tornado, and its entire merchandise inventory was destroyed. Restaurant Supplies needs to estimate its ending merchandise inventory to collect insurance. The company’s merchandise inventory records reveal the following data: Requirements 1. Estimate the cost of the June 30 merchandise inventory, using the retail method. Assume Restaurant Supplies had net sales revenue of $ 240,000 during June. (Round the cost to retail ratio to the nearest percent.) 2. Prepare the June 2015 partial income statement gross profit for RestaurantSupplies.
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Restaurant Supplies suffered a terrible tornado and its entire merchandise

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