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Question - Gross Profit-Method
Wallace 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 $170,000
Sales revenue $650,000
Purchases for the year 390,000
Sales returns 24,000
Purchase returns 30,000
Rate of gross profit on net sales 40%
Merchandise with a selling price of $21,000 remained undamaged after the fire. Damaged merchandise with an original selling price of $15,000 had a net realizable value of $5,300.
Instructions - Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage.
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