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rasheed wallace company lost most of its inventory in a fire in december just before 4241370

Rasheed Wallace Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation’s books disclosed the following.Beginning inventory ….. $170,000Sales revenue ……… $650,000Purchases for the year …… 390,000Sales returns ……… 24,000Purchase returns ……… 30,000Rate of gross profit on net sales .. 40%Merchandise with a selling price of $21,000 remained undamaged after the fire. Damaged merchandise with an original selling price of $15,000 had a net realizable value of $5,300.InstructionsCompute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage.View Solution:
Rasheed Wallace Company lost most of its inventory in a

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