gross profit method: On January 1, a store had inventory of $48000. January purchases were $46000 and January sales were $90000. On February 1 a fire...

gross profit method: On January 1, a store had inventory of $48000. January purchases were $46000 and January sales were $90000. On February 1 a fire destroyed most of the inventory. The rate of gross profit was 25% of cost. Merchandise with a selling price of $5000 remained undamaged after the fire. Compute the amount of the fire loss, assuming the store had no insurance coverage. Label all figures.