Grouper Corp. 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 $ 370,000 Sales Purchases for the year 960,000 Sales returns Purchase returns 82,000 Gross margin on sales $ 1,391,800 50,000 47 % Merchandise with a selling price of $40,000 remained undamaged after the fire. Damaged merchandise with an original selling price of $26,000 had a net realizable value of $9,600. Calculate the amount lost because of the fire, assuming that the corporation had no insurance coverage. Loss of inventory due to fire $ eTextbook and Media Prepare the journal entry to record the loss and account for the damaged inventory in a separate Damaged Inventory account. In the same entry, record cost of goods sold for the year ended December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Sales Cost of Goods Sold Damaged Inventory Purchases Returns and Allowances Sales Returns and Allowances Inventory Purchases Loss From Fire Debit Credit