On April 15, 2015, fire damaged the office and warehouse of Stanislaw Corporation. The only accounting record saved was the general ledger, from which the trial balance below was prepared.

STANISLAW CORPORATION TRIAL BALANCE MARCH 31, 2015
Cash	$27,500
Accounts receivable	46,900
Inventory, December 31, 2014	84,800
Land	42,900
Buildings	114,700
Accumulated depreciation		$42,000
Equipment	3,650
Accounts payable		24,200
Other accrued expenses		37,480
Common stock		105,370
Retained earnings		56,000
Sales revenue		140,500
Purchases	56,000
Miscellaneous expense	29,100
	$405,550	$405,550

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 $18,400: $5,860 paid to accounts payable as of March 31, $3,590 for April merchandise shipments, and $4,110 paid for other expenses. Deposits during the same period amounted to $20,300, which consisted of receipts on account from customers with the exception of a $900 refund from a vendor for merchandise returned in April.

3.

Correspondence with suppliers revealed unrecorded obligations at April 15 of $24,800 for April merchandise shipments, including $2,290 for shipments in transit (f.o.b. shipping point) on that date.

4.

Customers acknowledged indebtedness of $48,800 at April 15, 2015. It was also estimated that customers owed another $8,770 that will never be acknowledged or recovered. Of the acknowledged indebtedness, $740 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. The corporations audited financial statements disclosed this information:

		Year Ended December 31
		2014		2013
Net sales		$532,200		$384,700
Net purchases		283,400		239,600
Beginning inventory		58,300		66,900
Ending inventory		84,800		58,300

6.

Inventory with a cost of $7,270 was salvaged and sold for $3,500. The balance of the inventory was a total loss.

Compute the amount of inventory fire loss.