Question: Please help. Must explain how to get each number in the format I provided. Will Rate. Here is what I have so far, if this
Please help. Must explain how to get each number in the format I provided. Will Rate.
Here is what I have so far, if this is not right please change number but I would like the same format.

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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