On April 15, 2013, fire damaged the office and warehouse of Stanislaw Corporation. The only accounting record saved was the general ledger, from the following trial balance.

STANISLAW CORPORATION TRIAL BALANCE

MARCH 31, 2013

Cash Dr. $28,400

Accounts receivable Dr. 41,000

Inventory, December 31, 2012 Dr. 75,300

Land Dr. 39,700

Buildings Dr. 113,400

Accumulated depreciation Cr. $49,600

Equipment Dr. 3,610

Accounts payable Cr. 31,300

Other accrued expenses Cr. 9,150

Common stock Cr. 109,160

Retained earnings Cr. 57,000

Sales revenue Cr. 137,300

Purchases Dr. 57,000

Miscellaneous expense Dr. 35,100

Dr. $393,510 = Cr. $393,510

The following data and information have been gathered.

1. The fiscal year of the corporation ends on December 31.

2. An examination of the April bank statement and canceled checks revealed that checks written during the period April 115 totaled $15,700: $5,840 paid to accounts payable as of March 31, $3,620 for April merchandise shipments, and $6,240 paid for other expenses. Deposits during the same period amounted to $21,700, which consisted of receipts on account from customers with the exception of a $860 refund from a vendor for merchandise returned in April.

3. Correspondence with suppliers revealed unrecorded obligations at April 15 of $17,800 for April merchandise shipments, including $2,500 for shipments in transit (f.o.b. shipping point) on that date.

4. Customers acknowledged indebtedness of $54,100 at April 15, 2013. It was also estimated that customers owed another $8,700 that will never be acknowledged or recovered. Of the acknowledged indebtedness, $780 will probably be uncollectible.

5. The companies insuring the inventory agreed that the corporations fire-loss claim should be based on the assumption that the overall gross profit rate for the past 2 years was in effect during the current year.

6. Inventory with a cost of $7,370 was salvaged and sold for $4,460. The balance of the inventory was a total loss.

The corporations audited financial statements disclosed this information:

Year Ended December 31

2012 Net sales $532,400, 2011 $386,700

2012 Net purchases 288,200, 2011 237,500

2012 Beginning inventory 59,100, 2011 71,600

2012 Ending inventory 75,300, 2011 59,100

Compute the amount of inventory fire loss. (Round ratios for computational purposes to 1 decimal places, e.g 78.5% and final answers to 0 decimal places, e.g. $28,987.)

Inventory fire loss: ________