Find how much is estimated value of inventory damaged

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Problem 1: A flood damaged the merchandise inventory of Suzy Company on July 25, 2020. You have discovered the following information from the records salvaged from the flood: Inventory, January 1, 2020 $1,960,000, Sales, January 1 - July 25, 2020 (including goods sold but not delivered to customers, $76,000) $19,530,000, Merchandise purchases including those still in transit, shipped FOB shipping point, $138,000) $10,470,000, Mark-up on goods sold 40% of cost. The merchandise saved from the flood has an estimated value of $163,000. How much is the estimated value of inventory damaged by the flood?

Reference no: EM132950086

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