Reagan Manufacturing began operations five years ago. On August 13, 2011, a fire broke out in the warehouse destroying all inventory and many accounting records relating to the inventory. The information available is presented below. All sales and purchases are on account.

Summary of previous years' sales:

Instructions: Determine the inventory loss suffered as a result of thefire.

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January 1, 2011 August 13, 2011 Inventory Accounts recelvable.. Accounts payable Collection on accounts receivable, january 1-August 13- ···· Payments to suppliers, January 1-August 1 3········… Goods out on consignment at August 13, at cost $128,400 152,640 91,320 $148,520 105,600 797.300 463,900 29,300 2008 2009 2010 $82000 $765.000 $820,000 290,700 Sales Gross profit on sales 336,800 344.400