Please help me answer this to better understand the problem

Notice in P9-7 on page 484 you are given a "Trial Balance\" as of March 31, 2018. In the 3/31/18 Trial Balance there are details provided for the following: Beginning Inventory: $75,000 (they show this was last year's ending at 12/31/17). Purchases: $52,000 (for the rst three months of 2018: 1/1/18 3/31/18) Sales Revenue: $135,000 (for the rst three months of 2018: 1/1/18 3/31/ 18) The above information could be used to do an analysis similar to my Gross Prot method example in the Chapter 9 Introduction module, however, it would only be as of March 31, 2018; however, the re took place 15 days later on April 15, 2018. Therefore, you must rst update the March 31St numbers to April 15\"\". To do this, closely review the additional informaon in items 2, 3 and 4 on page 485. Once updated, follow my Gross Prot method example in the Chapter 9 module to arrive at the estimated amount of inventory on hand at the date of the re. Also notice: the gross prot rate is to be based on the nancial information for the prior two years in item #5. l have calculated this for you as scheduled below: Total Sales for two ylears.....................$920,000 100% Cost of Goods Sold see below........... (506 000) i% Gross Prot 2 years Overall $414,000 96 rate to be used Beginning Inventory 1/1/16............. $ 66,000 Net Purchases 2 years...................... 515 000 Total Available.............. 581,000 Less Ending Inventory 12/31/17.... (75,000) Cost of Goods Sold for 2 years....... $506,000 P9-7 (L04) GROUPWORK (Gross Profit Method) On April 15, 2018, fire damaged the office and warehouse of Stanislaw Corporation. The only accounting record saved was the general ledger, from which the balance sheet data below was prepared. STANISLAW CORPORATION MARCH 31, 2018 Dr Cr. Cash $ 20,000 Accounts receivable 40,000 Inventory, December 31, 2017 75,000 Land 35,000 Buildings 110,000 Accumulated depreciation $ 41,300 Equipment 3,600 Accounts payable 23,700 Other accrued expenses 10,200 Common stock 100,000 Retained earnings 52,000 Sales revenue 135,000 Purchases 52,000 Miscellaneous expense 26,600 $362,200 $362,200Problems 435 The following data and information have been gathered. 1. The scal year of the corporation ends on December 31. 2. An examination of the April bank statement and canceled checks revealed that checks written during the period April 115 totaled $13,000: $5,700 paid to accounts payable as of March 31, $3,400 for April merchandise shipments, and $3,900 paid for other expenses. Deposits during the same period amounted to $12,950, which consisted of receipts on account from customers with the exception of a $950 refund from a vendor for merchandise returned in April. 3. Correspondence with suppliers revealed unrecorded obligations at April 15 of $15,600 for April merchandise shipments, including $2,300 for shipments in transit (f.o.b. shipping point) on that date. 4. Customers acknowledged indebtedness of $46,000 at April 15, 2018. It was also estimated that customers owed another $8,000 that will never be acknowledged or recovered. Of the acknowledged indebtedness, $600 will probably be uncollectible. 5. The companies insuring the inventory agreed that the corporation'sfire-loss claim should be based on the assumption that the overall gross profit rate for the past 2 years was in effect during the current year. The corporation's audited financial statements disclosed this information: Year Ended December 31 2017 2016 Net sales $530,000 $390,000 Net purchases 280,000 235,000 Beginning inventory 50,000 66,000 Ending inventory 75,000 50,000 6. Inventory with a cost of $7,000 was salvaged and sold for $3,500. The balance of the inventory was a total loss. Instructions Prepare a schedule computing the amount of inventory fire loss. The supporting schedule of the computation of the gross prot should be in good form