On March 31 of the current year, a fire destroyed part of the uninsured inventory of a retail store. The following data are available: Sales, January 1 through March 31 Sales returns, January 1 through March 31 Inventory, January 1 Purchases, January 1 through March 31 Purchase returns, January 1 through March 31 Freight-in, January 1 through March 31 Markup on cost $350,000 $50,000 50,000 $280,000 $40,000 $10,000 33 1/3% Required Compute the amount of the inventory loss if there is only inventory of $5,000 left. Detailed steps should be provided