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What is the amount of the company inventory loss

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Question - A company uses the periodic inventory system. At the beginning of 2015, its inventory balance was $57,000. During the first 8 months of 2015, net purchases amounted to $135,000, sales totaled $260,000, and sales returns and allowances amounted to $30,000. On Sept. 1, 2015, a hurricane destroyed the company's warehouse and its entire inventory. The average gross profit percentage in recent years had been 30%. What is the amount of the company's inventory loss on Sept 1st?

Reference no: EM132561084

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