Ivanhoe Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. Corporate records disclose the following. Inventory (beginning) $ 80,900 Sales revenue $415,300 Purchases 286,500 Sales returns 20,700 Purchase returns 28,200 Gross profit % based on net selling price 34 % Merchandise with a selling price of $30,300 remained undamaged after the fire, and damaged merchandise has a net realizable value of $7,300. The company does not carry fire insurance on its inventory. Compute the fire loss incurred. (Do not use the retail inventory method.) Inventory fire loss $ 311902