Wildhorse Snowboards sells an ultra-lightweight snowboard that is considered to be one of the best on the market. Information follows for Wildhorse's purchases and sales of the ultra-lightweight snowboard in October: Assume that all of Wildhorse's sales are for cash and all of its purchases are on account. The inventory of Ayayai's Merchandise Company was destroyed by fire on June 1. From an examination of the accounting records, the following data for the first five months of the year were obtained: Sales $95,000; Sales Returns and Allowances $1,500; Sales Discounts $1,000; Delivery Expense $2,500; Purchases $52,000; Freight In $2,600; Purchase Returns and Allowances $2.800 : and Purchase Discounts $1,300. Determine the inventory lost by fire, assuming a beginning inventory of $25.200 and a gross profit margin of 40%. Inventory lost by fire Wildhorse Snowboards sells an ultra-lightweight snowboard that is considered to be one of the best on the market. Information follows for Wildhorse's purchases and sales of the ultra-lightweight snowboard in October: Assume that all of Wildhorse's sales are for cash and all of its purchases are on account. The inventory of Ayayai's Merchandise Company was destroyed by fire on June 1. From an examination of the accounting records, the following data for the first five months of the year were obtained: Sales $95,000; Sales Returns and Allowances $1,500; Sales Discounts $1,000; Delivery Expense $2,500; Purchases $52,000; Freight In $2,600; Purchase Returns and Allowances $2.800 : and Purchase Discounts $1,300. Determine the inventory lost by fire, assuming a beginning inventory of $25.200 and a gross profit margin of 40%. Inventory lost by fire