Bonita Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporations books disclosed the following.

Beginning inventory		$166,700		Sales revenue		$622,700
Purchases for the year		375,300		Sales returns		23,400
Purchase returns		28,900		Rate of gross profit on net sales		20	%

Merchandise with a selling price of $22,400 remained undamaged after the fire. Damaged merchandise with an original selling price of $16,400 had a net realizable value of $4,800. Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage.

Amount of the loss

$