Pearl Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation's books disclosed the following. Beginning inventory $179,300 Sales revenue $589,400 Purchases for the year 420,100 Sales returns 23,300 Purchase returns 31,900 Rate of gross profit on net sales 20 % Merchandise with a selling price of $20,500 remained undamaged after the fire. Damaged merchandise with an original selling price of $15,900 had a net realizable value of $5,700. result Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage. Amount of the loss GA