12. A fire occurred on March 20th destroying your building and everything in it. Fortunately, you had insurance and you had pictures and a list of the furniture and equipment. The problem is that inventory changes every day. Based on the following information, use either the Gross Profit Method or the Retail Inventory Method to calculate the cost of inventory and the time of the fire. Your beginning inventory amount (as shown on accounting records) was $80,000. Also according to your accounting records, you purchased \$ 520,000 of new inventory in March (before the fire) and you had sales (for the same period) of $900,000. Your Cost of Goods Sold has historically been running at 60%. How much inventory was on hand at the time of the fire? 13. What would your answer to number 12 be if $7,000 of your purchases were still in route at the time of the fire (had not made it to you yet)