Your answer is incorrect. On January 1, a store had inventory of $48,500. January purchases were $40,500 and January sales were $80,000. On February 1a fire destroyed most of the inventory. The rate of gross profit was 25% of cost. Merchandise with a selling price of $5,500 remained undamaged after the fire. Compute the amount of the fire loss, assuming the store had no insurance coverage. Fire loss $ e Textbook and Media e Textbook