7.11) help fill out the chart

7.5) c

The merchandise inventory was destroyed by fire on December 13. The following data were obtained from the accounting records: Jan. 1 Merchandise Inventory Purchases (net) Sales Estimated gross profit rate $355,000 2,910,000 4,440,000 40% Jan. 1 to Dec. 13 A. Estimate the cost of the merchandise destroyed. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. B. In which situations would the gross profit method be useful