Asteroid Sales Corp. was organized on January 1, 2019. On December 31, 2020, the company lost most of its inventory in a warehouse fire just before the year-end count of inventory was to take place. Data from the records disclosed the following:

2019 2020 Inventory, January 1 $ O $173,120 Purchases during year 860,000 692,000 Purchase returns and allowances during year 46,120 64,600 Sales during year 788,000 836,000 Sales returns and allowances during year 16,000 20,000