Rasheed Wallace 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 $170,700 Sales revenue $651,900 Purchases for the year 465,200 Sales returns 27,230 Purchase returns 32,000 Rate of gross profit on net sales 20 % Merchandise with a selling price of $23,060 remained undamaged after the fire. Damaged merchandise with an original selling price of $13,470 had a net realizable value of $6,800. Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage. Amount of the loss