Calculate the amount of inventory loss from the fire

Reference no: EM13265109

On May 2, 2012, a fire destroyed the warehouse of Custom Saddlery. With the records at corporate headquarters, management was able to determine that the firm's gross profit ratio has averaged 33% for the past several years and that the inventory at the beginning of the year was $218,500. It also was determined that during the year until the date of the fire, sales had totaled $530,180 and purchases totaled $312,290. Required: Calculate the amount of inventory loss from the fire.

Reference no: EM13265109

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