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How much is the inventory loss due to the flood

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Question - On October 1, 20x1, the warehouse of ABC Co. and all inventories contained therein were damaged by flood. Off-site back up of data base shows the following information: Inventory, Jan. 1 14,500

Accounts payable, Jan. 1 6,000

Accounts payable, Sept. 30 3,000

Payments to suppliers 50,000

Freight-in 5,000

Purchase returns and discounts 2,500

Sales from Jan. to Sept. 75,000

Sales returns 5,000

Sales discounts 2,000

Gross profit rate based on sales 20%

Additional information: Goods in transit as of October 1, 20x1 amounted to 2,000, cost of goods out on consignment is 1,200, materials damaged by flood can be sold at a salvage value of 500.

Required - How much is the inventory loss due to the flood?

Reference no: EM132595960

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