Question

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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  • CreatedJanuary 16, 2015
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