Your answer is incorrect. Try again. riole 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. $171,400 390,000 Sales revenue Beginning inventory Purchases for the year $695,100 22,800 Sales returns Purchase returns 30,400Rate of gross profit on net sales 30 % Merchandise with a selling price of $18,900 remained undamaged after the fire. Damaged merchandise with an original selling price of $14,100 had a net realizable value of $5,200. Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage. Amount of the loss 46000 Click if you would like to Show Work for this question: Open Show Work