Current Attempt in Progress Riverbed Corp. lost most of its inventory in a fire in December,...

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Current Attempt in Progress Riverbed Corp. lost most of its inventory in a fire in December, just before the year-end physical inventory was taken. The corporation's books disclosed the following Beginning inventory $ 370,000 Sales Purchases for the year 900,000 Sales returns Purchase returns 65.000 Gross margin on sales $ 1,329,000 50,000 45% Merchandise with a selling price of $42,000 remained undamaged after the fire. Damaged merchandise with an original selling price of $28,000 had a net realizable value of $9,600. 189.600. Calculate the amount lost because of the fire, assuming that the corporation had no insurance coverage Loss of inventory due to fire $ 611350 Question Part Score Prepare the journal entry to record the loss and account for the damaged inventory in a separate Damaged Inventory account. In Current Attempt in Progress Riverbed Corp. lost most of its inventory in a fire in December, just before the year-end physical inventory was taken. The corporation's books disclosed the following Beginning inventory $ 370,000 Sales Purchases for the year 900,000 Sales returns Purchase returns 65.000 Gross margin on sales $ 1,329,000 50,000 45% Merchandise with a selling price of $42,000 remained undamaged after the fire. Damaged merchandise with an original selling price of $28,000 had a net realizable value of $9,600. 189.600. Calculate the amount lost because of the fire, assuming that the corporation had no insurance coverage Loss of inventory due to fire $ 611350 Question Part Score Prepare the journal entry to record the loss and account for the damaged inventory in a separate Damaged Inventory account. In