Adams Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $41,800. Purchases since January 1 were $77,000; freight-in, $3,400; purchase returns and allowances, $2,200. Sales are made at 33 1/3% above cost and totaled $94,700 to March 9. Goods costing $11,200 were left undamaged by the fire; remaining goods were destroyed. a. Compute the cost of goods destroyed. (Round gross profit percentage and final answer to 0 decimal places, e.g. 15% or 125.) Cost of goods destroyed $

Please explain how to calculate the gross profit percentage