Question: Restaurant Supplies suffered a terrible tornado and its entire merchandise

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:

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.
View Solution:

Sale on SolutionInn
  • CreatedJanuary 16, 2015
  • Files Included
Post your question