How much is the value of inventory loss?. On September 14, 2020, a typhoon damaged a warehouse

How much is the value of inventory loss?.

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On September 14, 2020, a typhoon damaged a warehouse of Corona Corporation. The entire company and many accounting records stored in the warehouse were completely destroyed. Although the inventory was not insured, a portion could be sold for scrap. Through the use of microfilmed records, the following data were gathered: (see attached figures) How much is the value of inventory loss? * Inventory, January 1 Purchases, January to September 14 Cash sales, January to September 14 Collection of accounts receivable, Jan 1 to Sept 14 Accounts receivable, January 1 Accounts receivable, September 14 Salvage value of damaged inventory Gross profit percentage on sales 375,000.00 1,385,000.00 225,000.00 2,115,000.00 175,000.00 265,000.00 5,000.00 32% 1 point On September 14, 2020, a typhoon damaged a warehouse of Corona Corporation. The entire company and many accounting records stored in the warehouse were completely destroyed. Although the inventory was not insured, a portion could be sold for scrap. Through the use of microfilmed records, the following data were gathered: (see attached figures) How much is the value of inventory loss? * Inventory, January 1 Purchases, January to September 14 Cash sales, January to September 14 Collection of accounts receivable, Jan 1 to Sept 14 Accounts receivable, January 1 Accounts receivable, September 14 Salvage value of damaged inventory Gross profit percentage on sales 375,000.00 1,385,000.00 225,000.00 2,115,000.00 175,000.00 265,000.00 5,000.00 32% 1 point

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