6 - B Gross Profit Method of Estimating Inventory On March 23, a clothing store had all of its inventory destroyed by fire. An estimate of the amount of inventory lost is needed for inventory purposes. The following information is available: Inventory, January 1 Purchases, January 1 - March 23 Sales, January 1 - March 23 Estimate gross profit rate {:[$40","000],[500","000],[700","000],[30%]:} Requirements: Using the gross profit method, estimate the amount of inventory lost in the fire. What type of companies would most likely use the gross profit method of estimated inventory