Crane Company lost most of its inventory in a fire in November just before the year-end physical inventory was taken. Corporate records disclose the following.

Inventory (beginning)		$ 187,900		Sales		$860,000
Purchases		665,000		Sales returns		70,400
Purchase returns		45,500		Gross profit % based on net selling price		26	%

Merchandise with a selling price of $59,100 remained undamaged after the fire, and damaged merchandise has a salvage value of $24,300. The company does not carry fire insurance on its inventory. Compute the fire loss incurred. (Do not use the retail inventory method.)

Inventory fire loss

$enter the inventory fire loss in dollars