* Your answer is incorrect. Wildhorse Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. Corporate records disclose the following. Inventory (beginning) $ 80,000 Sales revenue $410,800 Purchases 295,700 Sales returns 21,200 Purchase returns 28,300 Gross profit % based on net selling price 38 % Merchandise with a selling price of $30,600 remained undamaged after the fire, and damaged merchandise has a net realizable value of $8,300. The company does not carry fire insurance on its inventory. Compute the amount of inventory fire loss. (Do not use the retail inventory method.) Inventory fire loss $ 66948