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The inventory of Don's Grocery was destroyed by a tornado on October 6 of the current year. Fortunately, some of the accounting records were at

The inventory of Don's Grocery was destroyed by a tornado on October 6 of the current year.
Fortunately, some of the accounting records were at the home of one of the owners and were not
damaged. The following information was available for the period of January 1 through October 6 :
Beginning inventory, January 1
Purchases through October 6
Sales through October 6
$71,000
377,000
452,500
Gross margin for Don's has traditionally been 35 percent of sales.
Award: 10.00 points
b. Assume that $11,100 of the inventory was not damaged. What is the amount of the loss from the
tornado?
Total loss
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