A tlood completely destroyed all the inventory of Bayside Waterworks Company on July 1, 20... Fortunately, the accounting records were not destroyed in the flood The following information is provided by Bayside Waterworks for the time period January 1 through July 1, 20.- $60,000 380,000 Beginning inventory, January 1, 20. Net purchases, January 1 through July 1 Net sales, January 1 through July 1 Normal gross profit as a percentage of sales 650,000 45% Required: Estimate the amount of merchandise inventory destroyed in the dood on Jellyt using the gross profit emethod