Pharoah Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. Corporate records disclose the following. Inventory (beginning) $81,300 Sales revenue $415,000 Purchases 285,400 Sales returns 20,800 Purchase returns 28,300 Gross profit % based on net selling price 33 % Merchandise with a selling price of $30,400 remained undamaged after the fire, and damaged merchandise has a net realizable value of $8,900. The company does not carry fire insurance on its inventory. Compute the fire loss incurred. (Do not use the retail inventory method.) Inventory fire loss