The Unlucky Company had its entire inventory destroyed when a fire swept through the company's warehouse. Fortunately, the accounting records were locked in a fireproof safe and were not damaged. The following information for the period up to the date of the fire was taken from the accounting records:

Sales .................................................	$500,000
Purchases .............................................	300,000
Beginning inventory ...................................	150,000
Purchase returns ......................................	17,000
Freight-in ............................................	8,000

(1)	Assuming that the gross profit has averaged 30 percent of selling price, what is the estimated value of the inventory destroyed in the fire? Show all calculations in good form.
(2)	Assuming that the markup percentage on cost is 40 percent, what is the estimated value of the inventory destroyed in the fire? Show all calculations in good form.