* Your answer is incorrect. Flounder 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 $180,800 Sales revenue $662,500 Purchases for the year 361,100 Sales returns 24,600 Purchase returns 27.100 Rate of gross profit on net sales 30 % Merchandise with a selling price of $20,000 remained undamaged after the fire. Damaged merchandise with an original selling price of $15.500 had a net realizable value of $5,600. Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage. Amount of the loss s 24070 h