Flint Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporations books disclosed the following.

Beginning inventory		$161,400		Sales revenue		$632,700
Purchases for the year		398,600		Sales returns		26,400
Purchase returns		33,000		Rate of gross profit on net sales		40	%

Merchandise with a selling price of $22,200 remained undamaged after the fire. Damaged merchandise with an original selling price of $14,700 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.