* Your answer is incorrect. Sandhill 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 $ 155,300 Sales revenue $ 655.700 Purchases for the year 368,400 Sales returns 23,800 Purchase returns 31,200 Rate of gross profit on net sales 30 % Merchandise with a selling price of $ 21,800 remained undamaged after the fire. Damaged merchandise with an original selling price of $ 13,500 had a net realizable value of $ 5,100. Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage. Amount of the loss $ 38531 e Textbook and Media Save for Later Attempts: 2 of 3 used Submit