Answer:
$15,000
Explanation:
The computation is given below:
The goods available for sale is
= $40,000 + $480,000
= $520,000
And the sales is $620,000
So, the gross profit
= $620,000 × 25%
= $155,000
So, the cost of goods sold is
= Sale - Gross profit
= $620,000 - $155,000
= $465,000
Now the ending inventory is
= $520,000 - $465,000
= $55,000
And, the reimbursement amount is
= ($55,000 - $5,000) × 70%
= $35,000
So, the loss from the explosion is
= $55,000 - $5,000 - $35,000
= $15,000
