Sunland 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 $166,700 375,300 28,900 Sales revenue Sales returns Rate of gross profit on net sales $622,700 23,400 20% Merchandise with a selling price of $22,400 remained undamaged after the fire. Damaged merchandise with an original selling price of $16,400 had a net realizable value of $4,800. Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage. Amount of the loss $