Acct 2301 The Banks Company had its entire inventory destroyed when a fire swept through the company's warehouse on April 30, 2004. Fortunately, the accounting records were locked in a fireproof safe and were not darnaged. The following information for the period up to the date of the fire was taken from the accounting records: Required: (a.) Assuming that the gross margin has averaged 25 percent of selling price, what is the estimated value of the inventory destroyed in the fire? Show all calculations in good form. (b.) Assuming that the markup percentage on cost is 40 percent, what is the estimated value of the inventory destroyed in the fire? Show all calculations in good form. LIFO, FIFO, Weighted Average Computations weights Angente = Total