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Compute the amount of inventory fire loss

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Question - Pina Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. Corporate records disclose the following.

Inventory (beginning) $ 79,600

Sales revenue $409,400

Purchases 295,600

Sales returns 21,300

Purchase returns 27,600

Gross profit % based on net selling price 38%

Merchandise with a selling price of $30,200 remained undamaged after the fire, and damaged merchandise has a net realizable value of $8,200. The company does not carry fire insurance on its inventory.

Compute the amount of inventory fire loss. (Do not use the retail inventory method.)

Reference no: EM131928205

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