What was the actual amount of inventory that was lost

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Reference no: EM132806093

Question - Pirtus Vro had the following information for the year 2018

Beginning Inventory 30,000

Purchases 50,000

Freight In 2,000

Purchase Returns 1,000

Cogs 15,000

Salaries Expense 5,000

Rent Expense 3,000

A fire engulfed the company during the new year celebration heading into 2019 and lost 100% of the inventory. Despite losing all the inventory the company realized that not all purchases have arrived. The following were the information for the purchases:

12,000, FOB shipping point, currently with the courier arriving Jan 2, 2019

8,000, FOB destination, currently with the courier arriving Jan 2, 2019

Required - What was the actual amount of inventory that was lost in the fire?

Reference no: EM132806093

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