Sandhill Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $37,240. Purchases since January 1 were $70,560; freight-in, $3,332; purchase returns and allowances, $2,352. Sales are made at 33 1/% above cost and totaled $111,000 to March 9. Goods costing $10,682 were left undamaged by the fire; remaining goods were destroyed. (a) Your answer is correct. Compute the cost of goods destroyed. (Round gross profit percentage and final answer to O decimal places, eg. 15% or 125.) Cost of goods destroyed $ 14848 (b) * Your answer is incorrect. Compute the cost of goods destroyed, assuming that the gross profit is 33 1/3% of sales. (Round ratios for computational purposes to 5 decimal places, eg. 78.72345% and final answer to 0 decimal places, eg. 28,987.) Cost of goods destroyed $ 24061