On December 31, a fire destroyed most of the merchandise on hand at Winker's Wink Inc. The following information is available: Sales of $ 900,000; gross profit is 40% (based on retail); Purchases $ 750,000 (which included goods shipped FOB destination which were in transit on 12/31 in the amount of $ 60,000)Beginning inventory was $ 20,000. What was the amount of ending inventory prior to the fire using gross profit method?

Using the information,what would be the inventory loss if the company had undamaged inventory priced at $ 10,000 and damaged inventory sold as salvage for $ 2000?