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 2021. The companys insurance policy covers 84% of the cost of the inventory, calculated in accordance with ASPE, lost in this fire. The companys records show the following: Sales at retail prices (all on credit; net/30) $615,000 Sales returns at retail price 13,000 Cash collected on accounts 580,000 Inventory, January 1, 2021 150,000 Purchases during 2021(1) 470,000 Payments to suppliers for purchases 440,000 Insurance coverage during shipping 9,000 Customs and duties on purchases 8,800 Freight-in (shipping) costs, including 5% for GST 42,000 Interest expense on the purchased inventory 15,000 (1) All Purchases were on credit based on credit terms of 2/10, net/30. However, GME never took the discount. 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. 2. Calculate the pre-tax loss from the fire