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Pronghorn Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken Corporate records disclose the following

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Pronghorn Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken Corporate records disclose the following Merchandise with a selling price of $29,600 remained undamaged after the fire, and damaged merchandise has a net realizable value of $8,000. The company does not carry fire insurance on its inventory. Compute the fire loss incurred. (Do not use the retail inventory method.) Inventory fire loss

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