Eastman company lost most of its inventory in a fire in

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Reference no: EM13587987

Eastman Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. Corporate records disclose the following.

Inventory (beginning)	$ 80,000	Sales revenue	$415,000
Purchases	290,000	Sales returns	21,000
Purchase returns	28,000	Gross profit % based on net selling price	35	%

Merchandise with a selling price of $30,000 remained undamaged after the fire, and damaged merchandise has a net realizable value of $8,150. The company does not carry fire insurance on its inventory.Compute the amount of inventory fire loss. (Do not use the retail inventory method.)

Reference no: EM13587987

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