AICPA adapted ords of Butler Company reveal the following information. The accounting records of Bu Inventory, January 1... Purchases to July 19... Net sales to July 19 ........... $ 20,000 200,000 170,000 Exero Estim Loss Meth Hint: ....... Before the company opened for busines nany opened for business on July 20, its assets were totally destroyed by flood. The insurance y adiuster found that the average gross margin percentage for the past few years had been 40%. company adjuster four Required Estimate the value of inventory destroyed assuming that the gross margin percentage given was based on sales