Pina 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)$79,600Sales revenue$409,400Purchases295,600Sales returns21,300Purchase returns27,600Gross profit % based on net selling price38%

Merchandise with a selling price of $30,200remained undamaged after the fire, and damaged merchandise has a net realizable value of $8,200. The company does not carry fire insurance on its inventory.

Compute the amount of inventory fire loss. (Do not use the retail inventory method.)

Inventory fire loss?

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