On April 15, 2021, fire damaged the office and warehouse of Larkspur Corporation. The only accounting record saved was the general ledger, from which the balance sheet data below was prepared. LARKSPUR CORPORATION MARCH 31, 2021 Cash $ 21,970 36,350 Accounts receivable Inventory, December 31, 2020 69.730 Land 35,910 103,130 Buildings Accumulated depreciation $41.802 Equipment 3,801 Accounts payable 22.380 3,723 Other accrued expenses Common stock Retained earnings 94,800 54.490 Sales revenue 135.950 Purchases 54,490 Purchases 54,490 Miscellaneous expense 27,764 $353,145 $353,145 The following data and information have been gathered. 1. 2. 3. The fiscal year of the corporation ends on December 31 An examination of the April bank statement and canceled checks revealed that checks written during the period April 1-15 totaled $ 13,050: $ 5,948 paid to accounts payable as of March 31. $ 3,503 for April merchandise shipments, and $ 4,270 paid for other expenses. Deposits during the same period amounted to $ 13,539, which consisted of receipts on account from customers with the exception of a $ 994 refund from a vendor for merchandise returned in April. Correspondence with suppliers revealed unrecorded obligations at April 15 of $ 14,831 for April merchandise shipments, including $ 2,262 for shipments in transit (fo.b. destination) on that date. Customers acknowledged indebtedness of $ 49.910 at April 15, 2021. It was also estimated that customers owed anothers 7,940 that will never be acknowledged or recoveredOf the acknowledged indebtedness, $ 642 will probably be uncollectible. 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: 4 5. Year Ended December 31 2020 2019 Net sales $ 524,090 $414360 Net purchases 258.200 238,950 52.200 69.970 Beginning inventory Eriding inventory 69,730 52,200 6. Inventory with a cost of $ 6,400 was salvaged and sold for $3,640. 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, 48 78.52% and final answer too decimal places, c.g. 28,987) Inventory fire loss $