9 On April 15, 2021, fire damaged the office and warehouse of Bonita Corporation The only accounting record saved was the general ledger, from which the balance sheet data below was prepared BONITA CORPORATION MARCH 31, 2021 Cash $ 21,150 Accounts receivable 39,450 Inventory, December 31, 2020 82,050 Land 36,390 Buildings 116,110 Accumulated depreciation $ 41,083 Equipment 3,438 Accounts payable 25,246 Other accrued expenses 12,459 Common stock 105,400 Retained earnings 47,280 Sales revenue 139,740 Purchases 47,280 Miscellaneous expense 25,340 $ 371,208 $ 371,208 The following data and information have been gathered 1 The fiscal year of the corporation ends on December 31 2 An examination of the April bank statement and canceled checks revealed that checks written during the period April 115 totaled $ 13,490 $ 5,315 paid to accounts payable as of March 31, $ 3,247 for April merchandise shipments, and $ 3,666 paid for other expenses Deposits during the same period amounted to $ 12,756, which consisted of receipts on account from customers with the exception of a $ 947 refund from a vendor for merchandise returned in April 3 Correspondence with suppliers revealed unrecorded obligations at April 15 of $ 14,154 for April merchandise shipments, including $ 2,277 for shipments in transit (f o b destination) on that date 4 Customers acknowledged indebtedness of $ 45,790 at April 15, 2021 It was also estimated that customers owed another $ 8,260 that will never be acknowledged or recovered Of the acknowledged indebtedness, $ 642 will probably be uncollectible 5 The companies insuring the inventory agreed that the corporations fire loss claim should be based on the assumption that the overall gross profit rate for the past 2 years was in effect during the current year The corporations audited financial statements disclosed this information Year Ended December 31 2020 2019 Net sales $ 556,310 $ 411,320 Net purchases 295,860 219,030 Beginning inventory 45,800 69,910 Ending inventory 82,050 45,800 6 Inventory with a cost of $ 7,550 was salvaged and sold for $ 3,630 The balance of the inventory was a total loss Compute the amount of inventory fire loss (Round ratios for computational purposes to 2 decimal places, e g 78 52 and final answer to 0 decimal places, e g 28,987 ) Inventory fire loss $

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9. On April 15, 2021, fire damaged the office and warehouse of Bonita Corporation. The only accounting record saved was the general ledger, from which

9. On April 15, 2021, fire damaged the office and warehouse of Bonita Corporation. The only accounting record saved was the general ledger, from which the balance sheet data below was prepared.

BONITA CORPORATION MARCH 31, 2021
Cash	$ 21,150
Accounts receivable	39,450
Inventory, December 31, 2020	82,050
Land	36,390
Buildings	116,110
Accumulated depreciation		$ 41,083
Equipment	3,438
Accounts payable		25,246
Other accrued expenses		12,459
Common stock		105,400
Retained earnings		47,280
Sales revenue		139,740
Purchases	47,280
Miscellaneous expense	25,340
	$ 371,208	$ 371,208

The following data and information have been gathered.

The fiscal year of the corporation ends on December 31.

An examination of the April bank statement and canceled checks revealed that checks written during the period April 115 totaled $ 13,490: $ 5,315 paid to accounts payable as of March 31, $ 3,247 for April merchandise shipments, and $ 3,666 paid for other expenses. Deposits during the same period amounted to $ 12,756, which consisted of receipts on account from customers with the exception of a $ 947 refund from a vendor for merchandise returned in April.

Correspondence with suppliers revealed unrecorded obligations at April 15 of $ 14,154 for April merchandise shipments, including $ 2,277 for shipments in transit (f.o.b. destination) on that date.

Customers acknowledged indebtedness of $ 45,790 at April 15, 2021. It was also estimated that customers owed another $ 8,260 that will never be acknowledged or recovered. Of the acknowledged indebtedness, $ 642 will probably be uncollectible.

The companies insuring the inventory agreed that the corporations fire-loss claim should be based on the assumption that the overall gross profit rate for the past 2 years was in effect during the current year. The corporations audited financial statements disclosed this information:

	Year Ended December 31
	2020	2019
Net sales	$ 556,310	$ 411,320
Net purchases	295,860	219,030
Beginning inventory	45,800	69,910
Ending inventory	82,050	45,800

Inventory with a cost of $ 7,550 was salvaged and sold for $ 3,630. The balance of the inventory was a total loss.

Compute the amount of inventory fire loss. (Round ratios for computational purposes to 2 decimal places, e.g 78.52% and final answer to 0 decimal places, e.g. 28,987.)

Inventory fire loss