On April 15, 2021, fire damaged the office and warehouse of Marin Corporation. The only accounting record saved was the general ledger, from which the balance sheet data below was prepared.

MARIN CORPORATION MARCH 31, 2021
Cash	$19,160
Accounts receivable	42,070
Inventory, December 31, 2020	72,620
Land	35,640
Buildings	111,680
Accumulated depreciation		$41,997
Equipment	3,878
Accounts payable		21,638
Other accrued expenses		21,320
Common stock		103,700
Retained earnings		49,110
Sales revenue		121,800
Purchases	49,110
Miscellaneous expense	25,407
	$359,565	$359,565

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 $11,780: $5,144 paid to accounts payable as of March 31, $3,099 for April merchandise shipments, and $3,864 paid for other expenses. Deposits during the same period amounted to $11,660, which consisted of receipts on account from customers with the exception of a $872 refund from a vendor for merchandise returned in April.

3.

Correspondence with suppliers revealed unrecorded obligations at April 15 of $15,155 for April merchandise shipments, including $2,326 for shipments in transit (f.o.b. destination) on that date.

4.

Customers acknowledged indebtedness of $43,470 at April 15, 2021. It was also estimated that customers owed another $7,970 that will never be acknowledged or recovered. Of the acknowledged indebtedness, $657 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
		2020		2019
Net sales		$495,930		$385,220
Net purchases		306,190		257,540
Beginning inventory		52,300		64,120
Ending inventory		72,620		52,300

6.

Inventory with a cost of $7,070 was salvaged and sold for $3,160. 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

$