How much is the inventory loss

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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?

Reference no: EM132906793

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