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Problem 1: On September 14, 2020, a typhoon damaged a warehouse of Corona Corporation. The entire company and many accounting records stored in the warehouse were completely destroyed. Although the inventory was not insured, a portion could be sold for scrap. Through the use of microfilmed records, the following data were gathered: (see attached figures) How much is the value of inventory loss?
Inventory of January 1 $367,000 Purchase for the period January 1 to August 15 $1,385,000Cash sales for the period January 1 to August 15 $225,000Collection from accounts receivable between January 1 to August 15 $2,115,000Accounts receivable on January 1 $175,000Accounts receivables on August 15 $265,000Salvage value of inventory $5,000Gross profit percentage on sales 32%
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