Exercise 9-16 Sweet 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 $164,700 Sales revenue $677,100 Purchases for the year 415,300 Sales returns 23,500 Purchase returns 27,700 Rate of gross profit on net sales 30 % Merchandise with a selling price of $19, 100 remained undamaged after the fire. Damaged merchandise with an original selling price of $13,800 had a net realizable value of $5,300. Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage. Amount of the loss Click if you would like to Show Work for this question: Open Show Work