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Compute the amount of the loss as a result of the fire

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Reference no: EM131796015

Bridgeport Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation's books disclosed the following.

Beginning inventory $178,300 Sales revenue $607,900
Purchases for the year 355,000 Sales returns 21,600
Purchase returns 27,700 Rate of gross profit on net sales 30

%

Merchandise with a selling price of $21,000 remained undamaged after the fire. Damaged merchandise with an original selling price of $15,500 had a net realizable value of $5,300.

Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage.

Amount of the loss

Reference no: EM131796015

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