On April 15, 2015, fire damaged the office and warehouse of Stanislaw Corporation The only accounting record saved was the general ledger, from which the trial balance below was prepared STANISLAW CORPORATION TRIAL BALANCE MARCH 31, 2015 Cash $29,000 Accounts receivable 44,500 Inventory, December 31, 2014 77,500 Land 39,800 Buildings 111,100 Accumulated depreciation $43,500 Equipment 3,770 Accounts payable 32,900 Other accrued expenses 15,360 Common stock 101,710 Retained earnings 61,200 Sales revenue 139,300 Purchases 61,200 Miscellaneous expense 27,100 $393,970 $393,970 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 115 totaled $18,400 $6,410paid to accounts payable as of March 31, $3,560for April merchandise shipments, and $4,750paid for other expenses Deposits during the same period amounted to $13,600, which consisted of receipts on account from customers with the exception of a $880refund from a vendor for merchandise returned in April 3 Correspondence with suppliers revealed unrecorded obligations at April 15 of $23,100for April merchandise shipments, including $2,980for shipments in transit (f o b shipping point) on that date 4 Customers acknowledged indebtedness of $55,600at April 15, 2015 It was also estimated that customers owed another $8,490that will never be acknowledged or recovered Of the acknowledged indebtedness, $730will probably be uncollectible 5 The companies insuring the inventory agreed that the corporations 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 corporations audited financial statements disclosed this information Year Ended December 31 2014 2013 Net sales $533,100 $384,800 Net purchases 283,000 242,300 Beginning inventory 59,400 69,300 Ending inventory 77,500 59,400 6 Inventory with a cost of $7,560was salvaged and sold for $3,850 The balance of the inventory was a total loss Compute the amount of inventory fire loss (Round ratios for computational purposes to 1 decimal places, e g 78 5 and final answer to 0 decimal places, e g 28,987 ) Inventory fire loss $

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On April 15, 2015, fire damaged the office and warehouse of Stanislaw Corporation. The only accounting record saved was the general ledger, from which the

On April 15, 2015, fire damaged the office and warehouse of Stanislaw Corporation. The only accounting record saved was the general ledger, from which the trial balance below was prepared.

STANISLAW CORPORATION TRIAL BALANCE MARCH 31, 2015
Cash	$29,000
Accounts receivable	44,500
Inventory, December 31, 2014	77,500
Land	39,800
Buildings	111,100
Accumulated depreciation	$43,500
Equipment	3,770
Accounts payable	32,900
Other accrued expenses	15,360
Common stock	101,710
Retained earnings	61,200
Sales revenue	139,300
Purchases	61,200
Miscellaneous expense	27,100
$393,970	$393,970

The following data and information have been gathered.

The fiscal year of the corporation ends on December 31.

An examination of the April bank statement and canceled checks revealed that checks written during the period April 115 totaled $18,400: $6,410paid to accounts payable as of March 31, $3,560for April merchandise shipments, and $4,750paid for other expenses. Deposits during the same period amounted to $13,600, which consisted of receipts on account from customers with the exception of a $880refund from a vendor for merchandise returned in April.

Correspondence with suppliers revealed unrecorded obligations at April 15 of $23,100for April merchandise shipments, including $2,980for shipments in transit (f.o.b. shipping point) on that date.

Customers acknowledged indebtedness of $55,600at April 15, 2015. It was also estimated that customers owed another $8,490that will never be acknowledged or recovered. Of the acknowledged indebtedness, $730will probably be uncollectible.

The companies insuring the inventory agreed that the corporations 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 corporations audited financial statements disclosed this information:

Year Ended December 31
2014	2013
Net sales	$533,100	$384,800
Net purchases	283,000	242,300
Beginning inventory	59,400	69,300
Ending inventory	77,500	59,400

Inventory with a cost of $7,560was salvaged and sold for $3,850. The balance of the inventory was a total loss.

Compute the amount of inventory fire loss.(Round ratios for computational purposes to 1 decimal places, e.g 78.5% and final answer to 0 decimal places, e.g. 28,987.)

Inventory fire loss