Eastman Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. Corporate records disclose the following
Purchase Return 31200
Sales Revenue 426400
Sales Returns 24100
Gross profit based on net selling price 33%
Merchandise with a selling price of $39,500?remained undamaged after the fire, and damaged merchandise has a net realizable value of $8,490. The company does not carry fire insurance on its inventory.
Compute the amount of inventory fire loss. (Do not use the retail inventory method.)
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