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

SUNLAND CORPORATION MARCH 31, 2021
Cash	$19,370
Accounts receivable	42,940
Inventory, December 31, 2020	67,960
Land	35,270
Buildings	100,730
Accumulated depreciation		$39,930
Equipment	3,569
Accounts payable		25,275
Other accrued expenses		9,155
Common stock		96,700
Retained earnings		47,390
Sales revenue		125,490
Purchases	47,390
Miscellaneous expense	26,711
	$343,940	$343,940

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 $11,940: $5,869 paid to accounts payable as of March 31, $3,281 for April merchandise shipments, and $3,532 paid for other expenses. Deposits during the same period amounted to $13,507, which consisted of receipts on account from customers with the exception of a $1,031 refund from a vendor for merchandise returned in April.

3.

Correspondence with suppliers revealed unrecorded obligations at April 15 of $14,150 for April merchandise shipments, including $2,203 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 $8,550 that will never be acknowledged or recovered. Of the acknowledged indebtedness, $555 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		$505,760		$382,590
Net purchases		268,760		238,310
Beginning inventory		52,500		61,200
Ending inventory		67,960		52,500

6.

Inventory with a cost of $7,000 was salvaged and sold for $3,230. 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

$

Please show work