9-5 (Algo) Gross profit method [LO9-2] Southern Distributors, Incorporated, supplies ice cream shops with various toppings for making sundaes. On November 17, 2024, a fire resulted in the loss of all of the toppings stored in one section of the warehouse. The company must provide its insurance company with an estimate of the amount of inventory lost. The following information is available from the company's accounting records: Inventory, January 1, 2024 Net purchases through November 17 Net sales through November 17 Historical gross profit ratio Required: Fruit Toppings $ 13,000 115,000 165,000 30% Marshmallow Toppings Chocolate Toppings 11 $ 6,300 29,000 48,000 1. Calculate the estimated cost of each of the toppings lost in the fire. 35% $ 2,300 11,300 19,300 35% Fruit Toppings Marshmallow Chocolate Estimated cost of lost inventory