P9-8B Beaucock Publishing estimates its inventory by the gross profit method when prepar- ing monthly financial statements. The gross profit has averaged 43% of net sales. The com- pany's inventory records reveal the following data (amounts in thousands: Inventory, July 1. Transactions during July: Purchases Purchase discounts- Purchase returns Sales Sales returns.. $ 367 3.789 26 12 6.430 25 Required 1. Estimate the July 31 inventory, using the gross profit method. 2. Prepare the July income statement through gross profit for Beaucock Publishing.