On April $15,2026,$ fire damaged the office and warehouse of Grouper Corporation. The only accounting record saved was the general ledger, from which the balance sheet data below was prepared.

$\backslash$table$[[$Grouper Corporation March $31,2026],[,$Dr$,$Cr$],[$Cash$,$$$19,600,],[$Accounts receivable,$39,200,],[$Inventory$,$ December $31,2025,73,500,],[$Land$,34,300,],[$Buildings$,107,800,],[$Accumulated depreciation,,$$40,474],[$Equipment$,3,528,],[$Accounts payable,,$23,226],[$Other accrued expenses,,$9,996],[$Common stock,,$98,000],[$Retained earnings,,$50,960],[$Sales revenue,,$132,300],[$Purchases$,50,960,],[$Miscellaneous expense,$26,068,],[,$$$354,956,$$$354,956]]$

The following data and information have been gathered.Question $6$ of $6$

$-17$

The following data and information have been gathered.

The fiscal year of the corporation ends on December $31.$

An examination of the April bank statement and canceled checks revealed that checks written during the period April $1-15$ totaled $$12,740$ : $$5,586$ paid to accounts payable as of March $31,$$$3,332$ for April merchandise shipments, and $$3,822$ paid for other expenses. Deposits during the same period amounted to $$12,691,$ which consisted of receipts on account from customers with the exception of a $$931$ refund from a vendor for merchandise returned in April.

Correspondence with suppliers revealed unrecorded obligations at April $15$ of $$15,288$ for April merchandise shipments, including $$2,254$ for shipments in transit $($f$.$o$.$b$.$ shipping point$)$ on that date.

Customers acknowledged indebtedness of $$45,080$ at April $15,2026.$ It was also estimated that customers owed another $$7,840$ that will never be acknowledged or recovered. Of the acknowledged indebtedness, $$588$ will probably be uncollectible.

The companies insuring the inventory agreed that the corporation's fire$-$loss claim should be based on the assumption that the overall gross profit rate for the past $2$ years was in effect during the current year. The corporation's audited financial statements disclosed this information:

$\backslash$table$[[,$Year Ended December $31],[,2025,2024],[$Net sales,$$519,400,$$$382,200],[$Net purchases,$274,400,230,300],[$Beginning inventory,$49,000,64,680],[$Ending inventory,$73,500,49,000]]$

Inventory with a cost of $$6,860$ was salvaged and sold for $$3,430.$ The balance of the inventory was a total loss.

Compute the amount of inventory fire loss.

Inventory fire loss

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