Exercise 9-16 Stelar Comcany lost mostof ts Inventory in a fire in December just before the year end phyical inventory was taken. The n a fire in December just before the year-end physical inventory was t corporation's books disclosed the following. Beginning inventory Purchases for the year Purchase returns $177,000 358,900 29,300 Sales revenue Sales returns Rate of gross profit on net sales $646,500 25,200 30 % Herchandise with a selling price of $21,700 remained undamaged after the fire. Damaged merchandise with selling price of $14,500 had a net realizable value of $5,400. Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage. Amount of the loss