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Need help with this assignment problem for Intermediate Accounting I. I've included my computation. Please tell me what I'm doing wrong here 
Problem 9-07 x Your answer is incorrect. Try again. On April 15, 2021, fire damaged the office and warehouse of Shamrock Corporation. The only accounting record saved was the general ledger, from which the balance sheet data below was prepared. $40,663 SHAMROCK CORPORATION MARCH 31, 2021 Cash $19,230 Accounts receivable 42,450 Inventory, December 31, 2020 72,170 Land 35,190 Buildings 113,870 Accumulated depreciation Equipment 3,260 Accounts payable Other accrued expenses Common stock Retained earnings Sales revenue Purchases 54,140 Miscellaneous expense 24,701 $365,011 24,316 5,952 104,900 54,140 135,040 $365,011 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 1-15 totaled $13,490: $5,148 paid to accounts payable as of March 31, $3,264 for April merchandise shipments, and $3,859 paid for other expenses. Deposits during the same period amounted to $12,888, which consisted of receipts on account from customers with the exception of a $1,031 refund from a vendor for merchandise returned in April. 3. Correspondence with suppliers revealed unrecorded obligations at April 15 of $15,220 for April merchandise shipments, including $2,198 for shipments in transit (f.o.b. destination) on that date. 4. Customers acknowledged indebtedness of $49,170 at April 15, 2021. It was also estimated that customers owed another $7,760 that will never be acknowledged or recovered. Of the acknowledged indebtedness, $658 will probably be uncollectible. The companies insuring the inventory agreed that the corporation's 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 corporation's audited financial statements disclosed this information: 5 Year Ended December 31 2020 2019 Net sales $487,270 $416,570 Net purchases 278,140 232,620 Beginning inventory 51,200 64,120 Ending inventory 72,170 51,200 6. Inventory with a cost of $7,470 was salvaged and sold for $3,720. 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 o decimal places, e.g. 28,987.) Inventory fire loss 44,188 $ 72,170.00 $ 54,140.00 $ 3,264.00 $ 15,220.00 $ 144,794.00 $ 135,040.00 Inventory, 1/1/2021 Purchases, 1/1 - 3/31/2021 April Merchandise Paid Unrecorded Purchases on account Total Less: Shipments in transit Sales Revenue, 1/1-3/21 Sales Revenue, 4/1 - 4/15 Receivables Acknowledged $ 49,170.00 Receivables Unacknowledged $ 7,760.00 Total $ 56,930.00 Add: Collections (12888 -1031) $ 11,857.00 Total $ 125,717.00 Less: Receivables, 3/21/2021 $ (42,450.00) Total Sales 1/1 - 4/15 Less: Gross Profit (55.62% * 218,307) Approximate Inventory Less: Sale of Salvaged Inventory Inventory Fire Loss 83,267 $ 218,307.00 $ 121,420.95 $ 96,886.05 $ 47,907.95 $ (3,720.00) $ 44,187.95 Net Sales 2019 Net Sales 2020 Total Net Sales Beginning Inventory Net Purchases, 2019 Net Purchases, 2020 Total Less: Ending Inventory Gross Profit $ 416,570.00 $ 487,270.00 $ 903,840.00 $ 64,120.00 $ 232,620.00 $ 278,140.00 $ 574,880.00 $ (72,170.00) $502,710.00 55.62%
