[7] There was a fire at the DEF, Inc. warehouse burning down a significant amount of the company's inventory. The controller decided to use the gross profit method to determine ending inventory. Prior gross margin percentage was always 55% to 60%. Prepare an analysis showing the range of ending inventory using this method. ( 10 points) sales (per the income statement) Beginning Inventory (per balance sheet) Purchases during the year $2,500,400 $400,000 $1,800,550