On august 15 2012 a hurricane damaged a warehouse of

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On august 15, 2012, a hurricane damaged a warehouse of folkman merchandise company. the entire inventory 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 is assembled: Goods on hand August 1-$80, purchases: 160,000, purchase returns-2000, transportation costs on purchases-1000, sales-280000, sales returns-4000, and average gross profit as a percent of net sales-40%.Compute the inventory loss as a result of the hurricane.

Reference no: EM13603716

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