Rasheed Wallace Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation books disclosed the following.Beginning inventory $174,000 Sales revenue $677,500 Purchases for the year 460,300 Sales returns 27,320 Purchase returns 30,400 Rate of gross profit on net sales 30%Merchandise with a selling price of $21,000 remained undamaged after the fire. Damaged merchandise with an original selling price of $13,970 had a net realizable value of $6,300.Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage.
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