申論題

七、Yu Ltd. lost most of its inventory in a fire in December just before the year-end physical inventory was  taken. Company records disclose the following. Inventory (beginning) $ 80,000 Sales $ 415,000 Purchases 290,000 Sales returns 21,000 Purchase returns 28,000 Gross profit % based on net selling price 35% Merchandise with a selling price of $30,000 remained undamaged after the fire, and damaged merchandise has a residual value of $8,150. The company does not carry fire insurance on its inventory. Instructions (6%) Please computing the fire loss incurred.