Alberta Co. equires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand January 1 was $415,000. Purchases since January 1 were $600,000. Sales are made at 60% above cost and totaled $1,500,000 to March 9 . Instructions: Compute the cost of the goods destroyed using the gross profit method. Round percentages to 2 decimal places and dollar amounts to the nearest whole dollar. The formulas for determining COGS below might be helpful: markup on cost : to get COGS, divide Sales by 1 + markup \% (i.e. sales/1.33333 if the markup is 33 1/3\% on cost) markup on sales: to get COGS, subtract the markup \% from 100% and then multiply by sales (i.e. if markup on sales is 331/3%, COGS =662/3% Sales) Assume the same facts as in the question above, except the company's markup is 60% of sales. Instructions: Compute the cost of the goods destroyed using the gross profit method. Round percentages to 2 decimal places and dollar amounts to the nearest whole dollar. The formulas for determining COGS below might be helpful: markup on cost : to get COGS, divide Sales by 1 + markup \% (i.e. sales/1.33333 if the markup is 33 1/3\% on cost) markup on sales: to get COGS, subtract the markup \% from 100% and then multiply by sales (i.e. if markup on sales is 331/3%, COGS =662/3% Sales)