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Young Inc. was a victim of early winter storm Cruz in October of 2019. As...

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Accounting

Young Inc. was a victim of early winter storm Cruz in October of 2019. As a result, most of its inventory of sports memorabilia was destroyed. In order to determine the amount of the loss to be reported on the income statement, Youngs accountants gathered the following information:

a. Inventory on hand at 1/1/19 $87,000

b. Net Purchases through October 670,000

c. Sales through October 2,050,000

d. Gross Profit Rate (based on selling price) 65%

Required: Calculate the amount of the loss that Young would report on its 2019 Income Statement.

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