Bonita Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation's books disclosed the following. Beginning inventory Purchases for the year Purchase returns $155,300 368,400 31,200 Sales revenue Sales returns Rate of gross profit on net sales $655,700 23,800 30% Merchandise with a selling price of $21,800 remained undamaged after the fire. Damaged merchandise with an original selling price of $13,500 had a net realizable value of $5,100. Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage. Amount of the loss $