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Oriole Company lost most of its inventory in a fire in December just before the...

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Oriole Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. Corporate records disclose the following. Inventory (beginning) 79,000 Sales revenue Purchases Purchase returns $411,400 20,600 285,500 Sales returns 28,500 Gross profit based on net selling price 38 % Merchandise with a selling price of $30,600 remained undamaged after the fire, and damaged merchandise has a net realizable value of $7,500. The company does not carry fire insurance on its inventory. Compute the amount of inventory fire loss. (Do not use the retail inventory method.) Inventory fire loss s

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