Ivanhoe 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 $79,200; freight-in, $3,740; purchase returns and allowances, $2,640. Sales are made at 33 1/3% above cost and totaled $126,000 to March 9. Goods costing $11,990 were left undamaged by the fire; remaining goods were destroyed. Collapse question part (a) Incorrect answer.

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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 $Entry field with incorrect answer Click if you would like to Show Work for this question: Open Show Work