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At the beginning of 2019, Carlson Incorporated reports an inventory of $9,000. During 2019, Carlson...

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Accounting

At the beginning of 2019, Carlson Incorporated reports an inventory of $9,000. During 2019, Carlson Purchases additional inventory of $25,000. In June, there was a fire in the warehouse, and all the inventory stored was destroyed. Until June, Carlson has recorded sales of $20,000 from the beginning of the year. Historical gross profit on sales for the company was 20%, calculate the cost of inventory destroyed in the fire.

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