Concord Corp. lot 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 invertory $360,000 Sales $1,339,500 Purchases for the year 920,000 Sales retums 49,000 Purchase returns B2,000 Gross margin on sales 40% Merchandise with a selling price of $40,000 remained undamaged after the fire. Damaged merchandise with an original selling price of $32,000 had a net realizable value of $11,600 (a) Calculate the amount lost because of the fire, assuming that the corporation had no insurance coverage Loss of inventory due to fire s