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

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Question - Teal 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 $208,000 Sales $977,000

Purchases for the year 817,000 Sales returns 64,000

Purchase returns 14,000 Rate of gross margin on net sales 25%

Merchandise with a selling price of $46,000 remained undamaged after the fire. Damaged merchandise with an original selling price of $24,000 had a net realizable value of $2,600.

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

Reference no: EM133075082

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