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On December 1, 20x1, aliens invaded Earth and destroyed the warehouse of Unlucky Too. Co. The following information was determined:
Beginning inventory 80,000 Gross purchases 517,000 Freight-in 5,000 Purchase returns 3,000 Purchase discounts 4,000 Sales from Jan. to Nov. 585,000 Sales returns 15,000 Sales discounts 117,000 Gross profit rate based on cost 33 1/3%
Problem 1: Twenty percent of the inventory contained in the warehouse has been salvaged from the destruction, while half is partially damaged. The aliens agree to buy the partially damaged goods at thirty percent of the cost as peace offering. How much is the inventory loss?
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