The Walnut Shop is a furniture company that uses a periodic inventory system. On February 8, 2018, a fire destroyed all the furniture on display in...

the fire from the following information:

2. The Walnut Shop is a furniture company that uses a periodicinventory system. On February 8, 2018, a fire destroyed allthe furniture on display in the company's main showroom.Fortunately, $35,000 of the company's inventory was locatedin a separate warehouse and was not damaged by the fire.Walnut Shop now is attempting to determine the cost of themerchandise destroyed in the fire from the followinginformation:Net sales during 2018, through February 8$450,000Ending inventory. December 31, 2017$130.000Purchases in 2018 through February 8$225,000Historical rate of gross profit45%%Compute the following (show computations):(a) The cost of goods available for sale through February 8, 2018.[b) The cost of goods sold in 2018 through February 8.(c) The estimated total inventory on hand on February 8, prior to the fired) The cost of the inventory lost in the fire.