Question 3 of 5 < > View Policies - / 2.5 == ||| Current Attempt in Progress Indigo 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 $158,100 Sales revenue $646,500 Purchases for the year 391,500 Sales returns 22,000 Purchase returns 31,100 Rate of gross profit on net sales 30 % Merchandise with a selling price of $23,100 remained undamaged after the fire. Damaged merchandise with an original selling price of $15,700 had a net realizable value of $5,500. Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage. Amount of the loss $ eTextbook and Media