Exercise 9-16 Flint 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$155,300 Sales revenue Purchases for the year 368,400 Sales returns Purchase returns $655,700 23,800 31,200 Rat of gross profit on net sales 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