Stellar 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 $166,700 364,700 27,700 Sales revenue Sales returns Rate of gross profit on net sales $586,100 22,600 40 % Merchandise with a selling price of $19,600 remained undamaged after the fire. Damaged merchandise with an original selling price of $15,300 had a net realizable value of $4,700. Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage. Amount of the loss $