Metlock 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. ginning inventory irchases for the year irchase returns $171,400 Sales revenue 390,000 Sales returns 30,400 Rate of gross profit on net sales $695,100 22,800 30% Merchandise with a selling price of $18,900 remained undamaged after the fire. Damaged merchandise with an original selling price of $14,100 had a net realizable value of $5,200. Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage. Amount of the loss $