QUESTION 4 Warlock Brands, Inc. lost most of its inventory in a fire on November 30. The corporation's books discosed the following information for transactions through 11/30 Inventory beginning 770.000 Purchases 390.000 Purchase returns 30,000 Sales revenue 650 000 Sales returns 30 000 Gross profon sales 40 Notes Merchandise with a cost of 21.000 remained undamaged her the fire Damaged merchandise with a selling price of 30,000, a cost of 15,000, and a net realizable value of 5.300 m od Required Compute the inventory loss using the gross profic method Warlock's has invertory insurance, and the wrote a check Warlock the day after the fire nentory beginning 170,000 Purchases 190.000 Purchase returns Goods available for 650.000 Net sales Gros profis 20of Cost of goods sold Ending into Undamaged very Damaged inventory that can be sold Sales price 525.000, con $15.000, and NRW 55.300 21.000 Inventory los Write the journal entry the loss on December Account Debt