On April 15, 2021, fire damaged the office and warehouse of Pharoah Corporation. The only accounting record saved was the general ledger, from which the balance sheet data below was prepared. $44,204 PHAROAH CORPORATION MARCH 31, 2021 Cash $18,050 Accounts receivable 43,920 Inventory, December 31, 2020 75,450 Land 32,710 Buildings 116,030 Accumulated depreciation Equipment 3,602 Accounts payable Other accrued expenses Common stock Retained earnings Sales revenue Purchases 52,850 Miscellaneous expense 24,365 $366,977 21,651 8,272 94,300 52,850 145,700 $366,977 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 $12,500: $5,980 paid to accounts payable as of March 31, $3,173 for April merchandise shipments, and $4,008 paid for other expenses. Deposits during the same period amounted to $12,915, which consisted of receipts on account from customers with the exception of a $933 refund from a vendor for merchandise returned in April. 3. Correspondence with suppliers revealed unrecorded obligations at April 15 of $16,854 for April merchandise shipments, including $2,175 for shipments in transit (f.o.b. destination) on that date. 4. Customers acknowledged indebtedness of $46,120 at April 15, 2021. It was also estimated that customers owed another $8,690 that will never be acknowledged or recovered. Of the acknowledged indebtedness, $623 will probably be uncollectible. 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 years was in effect during the current year. The corporation's audited financial statements disclosed this information: Year Ended December 31 2020 2019 Net sales Net purchases Beginning inventory Ending inventory $569,190 288,560 50,500 75,450 $380,980 240,810 66,200 50,500 6. Inventory with a cost of $7,660 was salvaged and sold for $3,200. 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