The inventory of Pedigo Company was destroyed by fire on April 1. From an examination of the accounting records, the following data for the first three months of the year are obtained: 
Instructions
Determine the merchandise lost by fire, assuming a beginning inventory of $60,000 and a gross profit rate of 40% on net sales.
Definitions:
Cardiomyopathy
Cardiomyopathy is a group of diseases affecting the heart muscle, leading to impaired function and heart failure.
Nephrology
A branch of medicine focusing on the diagnosis and treatment of kidney diseases.
Osteoarthritis
A degenerative joint disease characterized by the breakdown of cartilage and underlying bone, resulting in pain and stiffness, primarily affecting the elderly.
Neurological
Pertaining to the nervous system and its diseases or disorders.
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