On April 15, 2018, fire damaged the office and warehouse of Flint Corporation. The only accounting record saved was the general ledger, from which the balance sheet data belovw was prepared FLINT CORPORATION MARCH 31, 2018 Cash Accounts receivable Inventory, December 31, 2017 Land Buildings Accumulated depreciation Equipment Accounts payable Other accrued expenses Common stock Retained earnings Sales revenue Purchases Miscellaneous expense $18,240 43,350 76,690 35,210 111,650 $42,831 3,939 25,521 23,116 95,700 52,200 129,080 52,200 27,169 $368,448 5368,448 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 1-15 totaled $13,340: $5,547 paid to accounts payable as of March 31, $3,122 for April merchandise shipments, and $3,917 paid for other expenses. Deposits during the same period amounted to $12,945, which 3. Correspondence with suppliers revealed unrecorded obligations at April 15 of $16,169 for April merchandise shipments, including $2,200 for shipments in transit 4. Customers acknoledged indebtedness of $41,510 at April 15, 2018. It was also estimated that customers owed another $7,340 that will never be acknowledged or 5. The companies insuring the inventory agreed that the corporation's fire-loss claim should be based on the assumption that the overall gross profit rate for the past 2 consisted of receipts on account from customers with the exception of a $862 refund from a vendor for merchandise returned in April. (f.o.b. shipping point) on that date recovered. Of the acknowledged indebtedness, $611 will probably be uncollectible. years was in effect during the current year. The corporation's audited financial statements disclosed this information: Year Ended 2017 2016 Net sales Net purchases Beginning inventory Ending inventory $487,060 269,420 50,200 76,690 5361,880 224,910 68,950 50,200 6. Inventory with a cost of $6,300 was salvaged and sold for $3,480. The balance of the inventory was a total loss. Compute the amount of inventory fire loss. (Round ratios for computational purposes to 2 decimal places, e.g 78.52% and final answer to 0 decimal places, e.g. 28,987.) Inventory fire loss 8116