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Problem 9-6 Blossom Company lost most of its inventory in a fire in December just...

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Problem 9-6 Blossom 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) 81,00 Sales revenue Purchases Purchase returns $420,100 21,200 284,500 28,500 Sales returns Gross profit % based on net selling price 37 % Merchandise with a selling price of $29,500 remained undamaged after the fire, and damaged merchandise has a net realizable value of $8,200. 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

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