On January 1, a store had inventory of $50,000. January purchases were $46,500 and January sales were $80,000. On February 1 a fire 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 $____________