A fire destroyed a warehouse of the Goren Group, Incorporated, on May 4, 2024. Accounting records...

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A fire destroyed a warehouse of the Goren Group, Incorporated, on May 4, 2024. Accounting records on that date indicated the following: Merchandise inventory, January 1, 2024 Purchases to date. Freight-in Sales to date $ 2,090,000 5,990,000 590,000 10, 100,000 The gross profit ratio has averaged 30% of sales for the past four years. Required: Use the gross profit method to estimate the cost of the Inventory destroyed in the fire. Estimated loss from fire A fire destroyed a warehouse of the Goren Group, Incorporated, on May 4, 2024. Accounting records on that date indicated the following: Merchandise inventory, January 1, 2024 Purchases to date. Freight-in Sales to date $ 2,090,000 5,990,000 590,000 10, 100,000 The gross profit ratio has averaged 30% of sales for the past four years. Required: Use the gross profit method to estimate the cost of the Inventory destroyed in the fire. Estimated loss from fire