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Exercise 9-16Bridgeport 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	$178,300	Sales revenue	$607,900
Purchases for the year	355,000	Sales returns	21,600
Purchase returns	27,700	Rate of gross profit on net sales	30	%

Merchandise with a selling price of $21,000remained undamaged after the fire. Damaged merchandise with an original selling price of $15,500had 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