Question 1 Ivanhoe Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation's books disclosed the following Beginning inventory Purchases for the ye Purchase returns $172,400 Sales revenue 406,400 Sales returns $621,100 22,800 27,100 Rate of gross profit on net sales 30 % Merchandise with a selling price of $21,300 remained undamaged after the fire. Damaged merchandise with an original selling price of $14,600 had a net realizable value of $5,200 Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage. Amount of the loss Question Attempts: o of S5 used SAVE FOR LATER SUBMIT ANSWER SUBMIT