- II- ABC Corporation lost most of its inventory in a fire on September 1, 2020. Its books disclosed the following data: Inventory, January 1, 2020 Purchases in 2020 Purchases returns Sales Sales returns Purchases discounts Rate of gross profit on sales $280,000 660,000 40,000 750,000 75,000 10,000 30% The local Fire Department was able to salvage merchandise costing $6,000. Required: Calculate the amount of the loss from the fire, to be presented as a claim to the insurance company. Show your computations. Ending Inventory == Beg In V4 - *. Beg inventory +280000 + Purchases 660000 Purchase ration (340000-40000-10000 Purchases Dicount 900000 -