$On$ July $15,2026,$ fire damaged the office and warehouse $of$ Coronado Corporation. The only accounting record saved was the general

ledger, from which the following trial balance was prepared:

The following data and information have been gathered.

The fiscal year $of$ the corporation ends $on$ December $31.$

$An$ examination $of$ the July bank statement and canceled checks revealed that checks written during the period July $1-15$

totaled $$62,400$ : $$53,600$ paid $to$ accounts payable $asof$ June $30,$ $$3,200$ for July merchandise shipments, and $$4,700$ paid for

other expenses. Deposits during the same period amounted $to$ $$73,300,$ which consisted $of$ receipts $on$ account from

customers with the exception $ofa$ $$1,700$ refund from a vendor for merchandise returned $in$ July. Correspondence with suppliers revealed unrecorded obligations $at$ July $15of$ $$28,800$ for July merchandise shipments,

including $$1,470$ for shipments $in$ transit $(f.o.b.$ shipping point$)on$ that date.

Customers acknowledged indebtedness $of$ $$146,800at$ July $15,2026.It$ was also estimated that customers owed another

$$12,200$ that will never $be$ acknowledged $or$ recovered. $Of$ the acknowledged indebtedness, $$1,900$ will probably $be$

uncollectible.

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:

Inventory with a cost $of$ $$11,300$ was salvaged and sold for $$2,700.$ The balance $of$ the inventory was a total loss.

Complete the schedule computing the gross profit and the schedule $to$ determine the amount $of$ inventory fire loss. $(Round$ ratios for

computational purposes $to0$ decimal places, $e.g78\%$ and final answer $to0$ decimal places, $e.g.28,987.)$

CORONADO CORPORATION

Computation $of$ Inventory Fire Loss

Inventory,$\frac{1}{1}\frac{?}{26}$

Purchases,$\frac{1}{1}\frac{?}{26}-\frac{6}{30}\frac{?}{26}$

July merchandise shipments paid

Unrecorded purchases $on$ account CORONADO CORPORATION

Computation $of$ Inventory Fire Loss

For the Month Ended July $15,2026$

Inventory,$\frac{1}{1}\frac{?}{26}$

Less estimated cost $of$ sales:

Sales,$\frac{1}{1}\frac{?}{26}-\frac{6}{30}\frac{?}{26}$

Sales,$\frac{7}{1}\frac{?}{26}-\frac{7}{15}\frac{?}{26}$

Receivables

acknowledged $at\frac{7}{15}\frac{?}{26}$

Estimated receivables not

acknowledged

Total

Add collections,$\frac{7}{1}\frac{?}{26}-$

$\frac{7}{15}\frac{?}{26}$

Total Less receivables,$\frac{6}{30}\frac{?}{26}$

Total sales$\frac{1}{1}\frac{?}{26}-$

$\frac{7}{15}\frac{?}{26}$

Less gross profit

Cost $of$ Goods Sold

Estimated merchandise

inventory

Less: Sale $of$ salvaged

inventory

Inventory fire loss

Computation $of$ Gross Profit Rate

$

$

$

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