Gross profit rate based on cost 41. On October 1, 20x1, the warehouse of ABC Co. and all inventories contained therein were razed by fire. Off-site back up of data base shows the following information: Inventory, Jan. 1 20,000 Net purchases 190,000 Net sales from Jan. to Sept. 240,000 Gross profit rate based on cost 25% Twenty percent of the inventory contained in the warehouse has been salvaged from the fire while half is partially damaged and can be sold as scrap at thirty percent of its cost. How much is the inventory loss due to the fire