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

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

Beginning Inventory: 166,700

Purchases for the Year: 426,700

Purchase Returns: 27,000

Sales Revenue: 667,200

Sales Returns: 25,200

Rate of Gross Profit on Net Sales: 40%

Merchandise with a selling price of $23,100 remained undamaged after the fire. Damaged merchandise with an orignal selling price of $13,900 had a net realizable value of $5,800.

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

Reference no: EM132086236

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