Rasheed Wallace Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporations books disclosed the following.

Beginning Inventory	170,100	Sales Revenue	6583,000
Purchases for the year	452,600	Sales returns	27,780
Purchase returns	31,000	Rate of gross profit on net sales	20%

Merchandise with a selling price of $23,530 remained undamaged after the fire. Damaged merchandise with an original selling price of $14,970 had a net realizable value of $7,000. Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage. Amount of the loss $___________