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How much is the inventory loss

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Question - On December 1, 20x1, aliens invaded Earth and destroyed the warehouse of Unlucky Too. Co. The following information was determined:

Beginning inventory 80,000

Gross purchases 517,000

Freight-in 5,000

Purchase returns 3,000

Purchase discounts 4,000

Sales from Jan. to Nov. 585,000

Sales returns 15,000

Sales discounts 117,000

Gross profit rate based on cost 33 1/3%

Twenty percent of the inventory contained in the warehouse has been salvaged from the destruction, while half is partially damaged. The aliens agree to buy the partially damaged goods at thirty percent of the cost as peace offering. How much is the inventory loss?

Reference no: EM133017894

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