1. On June 13 Joe's Hardware Store had a re that completely destroyed the inventory. The accounting records were properly backed up and were available up to June 13. The following information was taken from the accounting records: Beginning Inventory: 500 items costing $50 ea. = $25,000 {from accounting records} Purchases Janl to June 13: 1,000 items costing $50 ea. 2 $50,000 (from accounting records) Sales Jan 1 to June 13: of $92,846 (from accounting records) Joe uses a 30% gross prot margin {percent}. Required: Estimate the amount of inventory destroyed in the fire. 2. Jones Company is starting a business to distribute a single product, an umbrella whose seiling price is $16 and whose variable cost is $12 per umbreila. The company's fixed expense is $11,000 per month. Required: Compute the Company's breakeven point. 3. Jones Company plans to seli 50,000 umbreilas for their first year of business. Prepare a contribution format income statement showing this forecast. 4. Last month Aipha Company sold 40,000 units, total sales were $300,000, total van'able expense were $240,000 and fixed expenses were $45,000. Required: What is the company's contribution margin