On April 15, 2015, fire damaged the office and warehouse of Stanislaw Corporation. The only accounting record saved was the general ledger, from which the trial balance below was prepared.

The following data and information have been gathered.
1. The fiscal year of the corporation ends on December 31.
2. An examination of the April bank statement and canceled checks revealed that checks written during the period April 1-15 totaled $13,000: $5,700 paid to accounts payable as of March 31, $3,400 for April merchandise shipments, and $3,900 paid for other expenses. Deposits during the same period amounted to $12,950, which consisted of receipts on account from customers with the exception of a $950 refund from a vendor for merchandise returned in April.
3. Correspondence with suppliers revealed unrecorded obligations at April 15 of $15,600 for April merchandise shipments, including $2,300 for shipments in transit (f.o.b. shipping point) on that date.
4. Customers acknowledged indebtedness of $46,000 at April 15, 2015. It was also estimated that customers owed another $8,000 that will never be acknowledged or recovered. Of the acknowledged indebtedness, $600 will probably be uncollectible.
5. The companies insuring the inventory agreed that the corporation's fire-loss claim should be based on the assumption that the overall gross profit rate for the past 2 years was in effect during the current year. The corporation's audited financial statements disclosed this information:

6. Inventory with a cost of $7,000 was salvaged and sold for $3,500. The balance of the inventory was a total loss.
Instructions
Prepare a schedule computing the amount of inventory fire loss. The supporting schedule of the computation of the gross profit should be in good form.
(AICPA adapted)

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STANISLAW CORPORATION TRIAL BALANCE MARCH 31, 2015 $ 20,000 Cash Accounts receivable 40,000 75,000 35,000 110,000 Inventory, December 31, 2014 Land Buildings Accumulated depreciation Equipment Accounts payable Other accrued expenses Common stock Retained earnings $ 41,300 3,600 23,700 10,200 100,000 52,000 135,000 Sales revenue Purchases 52,000 26,600 Miscellaneous expense $362,200 $362,200 Year Ended December 31 2014 2013 $530,000 Net sales Net purchases Beginning inventory Ending inventory 280,000 50,000 75,000 $390,000 235,000 66,000 50,000