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Compute the amount of the loss as a result of the fire

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Question - Swifty Company 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 $166,700 Sales revenue $622,700

Purchases for the year 375,300 Sales returns 23,400

Purchase returns 28,900 Rate of gross profit on net sales 20%

Merchandise with a selling price of $22,400 remained undamaged after the fire. Damaged merchandise with an original selling price of $16,400 had a net realizable value of $4,800.

Required - Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage.

Reference no: EM133066073

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