A fire completely destroyed all the inventory of Glisan Lumber Yard on August 5, 20.. Fortunately, the accounting records were not destroyed in the fire. the following information is provided by Glisan Lumber Yard for the time period January 1 through August 5 : Required: Estimate the amount of merchanise inventory destroved in the fire on August 5 using the gross profit method. x Ptedoack T Cleck My Work Use the firm's nocmal gross prcfit as a percentage of net sales to estimate cost of goods sold and ending inventory in three steps: 1. Compute the cost of goods avallable for sale 3. Fstimate the ending inventory by deducting cost of gocds sold from the cost of goods ayailable for sale