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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Cost Retail Merchandise Inventory, June 1 Transactions during June: $ 21,600 30,200 Purchases Purchase Discounts Purchase Returns and Allowances 600,600 840,000 16,000 3,800 12,000 3,000