Grouse Mountain Equipment Inc. (GME) sells biking, skiing and hiking equipment to retailers. GME reports under ASPE. After a very successful ski season, GME lost its entire inventory in a fire in April 2023. The company's insurance policy covers 82% of the "cost" of the inventory, calculated in accordance with ASPE, lost in this fire. The company's records show the following: Sales at retail prices (all on credit; net/30) Sales returns at retail price Cash collected on accounts Inventory, January 1, 2023 Purchases during 2023(1) Payments to suppliers for previous purchases Insurance coverage during shipping Customs and duties on purchases Freight-in (shipping) costs, including 5% for GST and 7% for PST (2) Rent charges for warehouse space to store the inventory Interest expense on the purchased inventory $615,000 33,000 580,000 165,000 470,000 440,000 9,000 8,800 42,000 5,400 20,000 (1) All Purchases were on credit based on credit terms of 2/10, net/30. However, GME never took the discount. (2) GST is refundable. PST is not refundable. GME normally realizes a gross profit of 26% on its net sales. It accounts for inventory using a periodic inventory system. REQUIRED 1. Calculate the "cost of goods available for sale." Show your work and highlight your final answer. 2. Calculate the pre-tax loss from the fire and highlight your final