Question: I need help with this general accounting problem using proper accounting guidelines. On July 12, 2023, a flood at Parker Company's warehouse damaged its entire

I need help with this general accounting problem using proper accounting guidelines.

On July 12, 2023, a flood at Parker Company's warehouse damaged its entire inventory of Product Alpha. Parker estimates that the damaged goods that can be salvaged will sell for $35,000. The following information was available from Parker's periodic inventory records: Inventory, July 1: $210,000 Net purchases from July 1 to the date of the flood: $178,000 Net sales from July 1 to the date of the flood: $295.000 Based on historical data, Parker's gross profit ratio on Product Alpha is 40% of net sales. Calculate the estimated loss on the inventory from the flood, using the gross profit method

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