16-66A (Learning Objectives 1. 4. Estenaatting inventory by the gross profil methard: preparing the income statemen) Assure l'hompson Company, a copy center, lost some inventory in a Lire. Tu lile an insurance clair, Thotnpson Company ust estimate its inventory by the gross profi: metod. Assume that for the pas: two years Thorupson Company's gross profit has weraged 41% of rut sules. Suppose the Thiottiputi Cempany's invertory records "eveal the lollowing dala $ 57.100 Inventory, October 1 Transaction during October Purchases Purchase discount Purchase roticos Sales Sales Reus 49,200 11,000 70,900 667.400 11,000