Question: Please help by thoroughly answering the question by including information on how to get each number. Will rate! E9-16 (L04) (Gross Profit Method) Wallace Company

Please help by thoroughly answering the question by including information on how to get each number. Will rate!

Please help by thoroughly answering the question by including information on how

E9-16 (L04) (Gross Profit Method) Wallace Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation's books disclosed the following. Beginning inventory Purchases for the year Purchase returns 170,000 390,000 Sales returns Rate of gross profit on net sales $650,000 24,000 40% 30000of Merchandise with a selling price of $21,000 remained undamaged after the fire. Damaged merchandise with an original selling price of $15,000 had a net ealizable value of $5,300. Instructions Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage

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