Swifty 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		$156,000		Sales revenue		$621,700
Purchases for the year		380,100		Sales returns		23,800
Purchase returns		30,100		Rate of gross profit on net sales		40	%

Merchandise with a selling price of $22,800 remained undamaged after the fire. Damaged merchandise with an original selling price of $16,000 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__________