Please do not give image format On April 15, 2021, fire damaged the office and warehouse of Larkspur Corporation. The only accounting record saved was the generalledger, from which the balance sheet data below was prepared.CashAccounts receivableInventory, December 31, 2020LandBuildingsAccumulated depreciationLARKSPUR CORPORATIONMARCH 31, 2021EquipmentAccounts payableOther accrued expensesShow Transcribed TextCommon stockRetained earningsSales revenuePurchasesMiscellaneous expense1.2.$19,40036,42078,60038,130100.3203,467$40,10324,9695,871105,90052,420128,050The following data and information have been gathered.52,42028,556$357,313 $357,313ĆThe fiscal year of the corporation ends on December 31.An examination of the April bank statement and canceled checks revealed that checks written during the period April 1-15totaled $12,460: $6,186 paid to accounts payable as of March 31, $3,394 for April merchandise shipments, and $4,129 paidfor other expenses. Deposits during the same period amounted to $12,742, which consisted of receipts on account fromcustomers with the exception of a $997 refund from a vendor for merchandise returned in April. 3.4.5.Correspondence with suppliers revealed unrecorded obligations at April 15 of $14,396 for April merchandise shipments,including $2,194 for shipments in transit (f.o.b. destination) on that date.6.Customers acknowledged indebtedness of $42,020 at April 15, 2021. It was also estimated that customers owed another$8,280 that will never be acknowledged or recovered. Of the acknowledged indebtedness, $642 will probably beuncollectible.The companies insuring the inventory agreed that the corporation's fire-loss claim should be based on the assumption thatthe overall gross profit rate for the past 2 years was in effect during the current year. The corporation's audited financialstatements disclosed this information:Net salesNet purchasesBeginning inventoryShow Transcribed TextEnding inventoryYear EndedDecember 31Inventory fire loss2020$$568,220298,40054,30078,6002019$368,920215,96062,480cInventory with a cost of $6,700 was salvaged and sold for $3,710. The balance of the inventory was a total loss.54,300Compute the amount of inventory fire loss. (Round ratios for computational purposes to 2 decimal places, e.g 78.52% and final answer to Odecimal places, e.g. 28,987.)

Inventory is the value of goods remains in the godown of an organization at the at of a period.…

On April 15, 2021, fire damaged the office and warehouse of Larkspur Corporation. The only accounting record saved was the general ledger, from which the balance sheet data below was prepared. LARKSPUR CORPORATION MARCH 31, 2021 Cash Accounts receivable Inventory, December 31, 2020 $19,400 36,420 78,600