View Policies Current Attempt in Progress Riverbed Corp. 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 $ 370,000 Sales Purchases for the year 900,000 Sales returns Purchase returns 65,000 Gross margin on sales $ 1,329,000 50,000 45 % Merchandise with a selling price of $42,000 remained undamaged after the fire. Damaged merchandise with an original selling price of $28,000 had a net realizable value of $9,600. Calculate the amount lost because of the fire, assuming that the corporation had no insurance coverage. Loss of inventory due to fire $ eTextbook and Media 468850 Assistance Used