Question 1 Nash 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 Purchases for the year Purchase returns $183,100 419,600 Sles revenuce Sales returns $633,100 25,900 30,800Rate of gross profit on net sales 30% Herchandise with a selling price of $19,100 remained undamaged after the fire. Damaged merchandise with an original selling price of $14,400 had a net realizable value of $5,700 Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage Amount of the loss