On April 15, 2018, fire damaged the office and warehouse of Grouper Corporation. The only accounting record saved was the general ledger, from which the balance sheet data below was prepared.

GROUPER CORPORATION MARCH 31, 2018
Cash	$18,240
Accounts receivable	43,350
Inventory, December 31, 2017	76,690
Land	35,210
Buildings	111,650
Accumulated depreciation		$42,831
Equipment	3,939
Accounts payable		25,521
Other accrued expenses		23,116
Common stock		95,700
Retained earnings		52,200
Sales revenue		129,080
Purchases	52,200
Miscellaneous expense	27,169
	$368,448	$368,448

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 115 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 consisted of receipts on account from customers with the exception of a $862 refund from a vendor for merchandise returned in April.

3.

Correspondence with suppliers revealed unrecorded obligations at April 15 of $16,169 for April merchandise shipments, including $2,200 for shipments in transit (f.o.b. shipping point) on that date.

4.

Customers acknowledged indebtedness of $41,510 at April 15, 2018. It was also estimated that customers owed another $7,340 that will never be acknowledged or recovered. Of the acknowledged indebtedness, $611 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		$487,060		$361,880
Net purchases		269,420		224,910
Beginning inventory		50,200		68,950
Ending inventory		76,690		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