1. Ted's Guitars makes custom guitars. If a guitar costs $162.51 to make and Ted wants a profit margin of 55%, what is the minimum price the guitar needs to sell for? Show your work. (4 Marks) 2. James Watson Enterprises suffered a fire on August 1, 2021, and the entire merchandise inventory was destroyed. A physical inventory had not been taken since December 31, 2020, at which time the inventory was $37 000. The company had realized a consistent gross profit of 40% of sales for the past four years. (6 marks) An offsite backup of the company's accounting records indicated that, from January 1 to August 1, the cost of merchandise purchased was $170 000 and sales were $300 000. Calculate the cost of inventory lost in the fire. Show all your calculations. (Used the Lines or Blank Space Below, or Google Sheets)