3 Problem I: (worth 13 points) On October 5, 2019, Beaufort's Boat Supply Inc. incurred a total loss of its inventory due to a tropical storm on the NC coast. The company needs to estimate the amount of inventory lost in the storm and has the following information available to help with the calculation: Inventory - 1/1/19 $ 200,000 Net purchases (1/1/19 - 10/5/19) 4,000,000 Net sales (1/1/19 - 10/4/19) 7,350,000 The company's gross profit percentage as a percent of sales is consistent from year to year. On its income statement in the prior year, the company noted its net sales amounted to $9,000,000 and its cost of goods sold amounted to $3,600,000. A. What is the gross profit percentage expressed as a percent of sales the company had last year? (5 points) Answer: I % B. What is the estimated cost of the lost inventory? (8 points) Answer: $