On January 1, a store had inventory of $48,500. Jamuary purchases were $40,500 and lanuary sales were $80,000. On February 1 a fre destroyed most of the inventory. The rate of gross profit was 25% of cost. Merchandise with a selling price of $5.500 remained undamaged after the fire Compute the amount of the fire loss, assuming the store had no insurance coverage. Fire loss Attempts: D of 1 used