Concord Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. Corporate records disclose the following Inventory (beginning) 79,000 Sales revenue Purchase returns 28,000 Gross profit % based on net selling price 35% Merchandise with a selling price of $30,400 remained undamaged after the fire, and damaged merchandise has a net realizable value of $8,800. The company does not carry fire insurance on its inventory Compute the amount of inventory fire loss. (Do not use the retail inventory method.) Inventory fire loss $421,200 21,100 293,400 Sales returns