24. Xiamen Inc. lost most of its inventory in a fire on Dec 28, just before the year-end physical inventory count was taken. Luckily, Xiamen's accounting records were intact, and the company had fire insurance. The company's books disclosed the following. Beginning inventory $80,000 Sales Purchases for the year 290,000 Sales returns Purchase returns 28,000 Rate of gross margin on net sales $415,000 21,000 30% Xiamen discovered that merchandise with a selling price of $3,500 remained undamaged after the fire. Determine how much Xiamen may legitimately claim from the Insurance Company (2 marks]. No credit for answers submitted without plausible calculations Consider using this table to organize your calculations Beginning Inventory Purchases Purchase Returns Goods Available for Sale at Cost Sales Sales Returns Net Sales Estimated Cost of Goods Sold Answer: Xiamen may legitimately claim $