On April 15, 2018, fire damaged the office and warehouse of Pina Corporation. The only accounting record saved was the general ledger, from which the balance sheet data below was prepared. PINA CORPORATION MARCH 31, 2018 Cash $20,420 Accounts receivable 42,560 Inventory, December 31, 2017 82,020 Land 33,740 Buildings 104,780 Accumulated depreciation $37,486 Equipment 3,745 Accounts payable 22,120 Other accrued expenses 27,120 Common stock 97,800 Retained earnings 48,060 Sales revenue 131,600 Purchases 48,060 Miscellaneous expense 28,861 $364,186 $364,186 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 $14,110: $5,513 paid to accounts payable as of March 31, $3,265 for April merchandise shipments, and $3,887 paid for other expenses. Deposits during the same period amounted to $14,087, which consisted of receipts on account from customers with the exception of a $1,015 refund from a vendor for merchandise returned in April. 3. Correspondence with suppliers revealed unrecorded obligations at April 15 of $15,303 for April merchandise shipments, including $2,273 for shipments in transit (f.o.b. shipping point) on that date. 4. Customers acknowledged indebtedness of $44,460 at April 15, 2018. It was also estimated that customers owed another $8,350 that will never be acknowledged or recovered. Of the acknowledged indebtedness, $639 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 2017 2016 Net sales $580,910 $362,940 Net purchases 257,890 219,200 Beginning inventory 52,200 61,140 Ending inventory 82,020 52,200 6. Inventory with a cost of $6,990 was salvaged and sold for $3,810. 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.)