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How much is the inventory loss due to the fire

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Reference no: EM132675105

Gross profit rate based on cost 41. On October 1, 20x1, the warehouse of ABC Co. and all inventories contained therein were razed by fire. Off-site back up of data base shows the following information:

Inventory, Jan. 1 20,000

Net purchases 190,000

Net sales from Jan. to Sept. 240,000

Gross profit rate based on cost 25%

Problem 1: Twenty percent of the inventory contained in the warehouse has been salvaged from the fire while half is partially damaged and can be sold as scrap at thirty percent of its cost. How much is the inventory loss due to the fire?

Reference no: EM132675105

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