Kimbell Manufacturing began operations five years ago. On August 13, 2008, a fire broke out in the warehouse destroying all inventory and many accounting records relating to the inventory. The information available is presented below. All sales and purchases are on account.

Summary of previous years' sales:

Instructions:
Determine the inventory loss suffered as a result of thefire.

January 1, 2008 August 13, 2008 $143,850 130.590 88,140 Inventory.... Accounts receivable Accounts payable Collection on accounts receivable, January 1-August 13. Payments to suppliers, January l-August 13 Goods out on consignment at August 13, at cost $128,890 122,850 753,800 487,500 52,900 2005 2006 2007 Sales $626,000 $705,000 $680,000 183,300 187,800 231,200