Estimated of Fire Loss: on January 20,2014 records revealed the following: Inventory, July1,2013 $52,600 Purchases, July 1, 2013 - January 29, 2014 $368,000 Sales, July 1, 2013 - January 29, 2014 $583,000 Purchases returns $11,200 Purchases discounts taken $5,800 Freight-in $3,800 Sales returns $6,600 A fire destroyed the entire inventory on January 20, 2014, except for purchases in transit, FOB shipping point of $6,000, and goods have a selling price of $4,700 that were salvaged from the fire. The salvaged goods had an estimated salvage value of $2,900. The average gross profit on net sales in previous periods was 40%. 1. Calculate cost of goods available for sale and on hand 2. Calculate COGS 3. Calculate Cost of Goods Salvaged 4. Compute the cost of the inventory lost in the fire