Sheffield 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 $170,300 388.200 30,400 Sales revenue Sales returns Rate of gross profit on net sales $622,000 22,300 20 % Merchandise with a selling price of $20,100 remained undamaged after the fire Damaged merchandise with an original selling price of $16.200 had a net realizable value of $5.200, Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage. Amount of the loss $