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Calculate the amount lost because of the fire

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Question - Swifty Corp. 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 $360,000

Sales $1,213,900

Purchases for the year 800,000

Sales returns 52,000

Purchase returns 69,000

Gross margin on sales 40%

Merchandise with a selling price of $39,000 remained undamaged after the fire. Damaged merchandise with an original selling price of $28,000 had a net realizable value of $10,600.

Required - Calculate the amount lost because of the fire, assuming that the corporation had no insurance coverage.

Reference no: EM132937699

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