Your client furnished you with the following data: Merchandise Inventory, January 1 Purchases, January 1 to October 31 Purchases returns and allowances Transportation in Sales, January 1 to October 31, at 35% above cost Merchandise not damaged by fire on October 31 P 60,000 415,000 5,000 10,000 540,000 42,000 Using the gross profit test, what was the estimated loss in inventory due to the fire