a. Kirby Company suffered a loss of its inventory on March 28 due to a fire in its warehouse. As a basis for filing a claim with its insurance company, Kirby Company developed the following information for the period of January 1 to March 28: Net sales through March 28 $800,000 Beginning Inventory, January 1 130,000 Merchandise purchases through March 28 450,000 The company has experienced an average gross profit rate of 40% in the past and this rate appears to be appropriate in the current period. Instructions Using the gross profit method, prepare an estimate of the cost of the inventory destroyed by fire on March 28. Show all computations in good form. b. The Chipstart Company is calculating its ending inventory at December 31, 2020. the company's year end. The following occurred during the year: 1. On December 29, 2020 Chipstart shipped goods costing $750 to a customer FOB shipping point. The customer received the goods on January 3, 2021. 2. On December 30, 2020, a supplier shipped goods costing $1,000 to Chipstart FOB shipping point. The goods arrived at Chipstart on January 10, 2021. 3. On December 28, 2020, Chipstart shipped goods costing $2,000 to a customer, FOB destination. They arrived at the customer January 4, 2021. 4. On December 29, 2020, a supplier shipped goods costing $3,000 to Chipstart FOB destination. The goods arrived at Chipstart on January 10, 2021. Instructions: For the above independent situation indicate "Yes" if the goods in question should be included in the ending inventory or No if the goods should not be included