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On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store. The following data are available: Sales, January
On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store. The following data are available:
| Sales, January 1 through April 15 | $480,000 |
| Inventory, January 1 | 80,000 |
| Purchases, January 1 through April 15 | 400,000 |
| Markup on cost | 25% |
The amount of the inventory loss is estimated to be
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