E 3-2 - Gross profit method (With entity policy on GPR) The Thomas Corporation was organized on Jan. 1, 2020. On Dec. 31, 2021, the corporation lost most of its inventory in a warehouse fire just before the year-end count of inventory was to take place. from the records disclosed the following: Data 2020 4,069,400 3,940,000 80,000 21% 2021 4,157,000 4,180,000 100,000 ? Goods available for sale Sales Sales returns and allowances Gross profit rate On Jan. 1, 2021, the Corporation's pricing policy was changed so that the gross profit rate would be three percentage points higher than the one earned in 2020. Salvaged undamaged merchandise was marked to sell at P120,000 while damaged merchandise was marked to sell at P80,000 had an estimated realizable value of P18,000. Required: Compute inventory fire loss