B Farm Supply, Inc., began October with inventory of $49,300. The business made net purchases of $44,900 and had net sales of $69,400 before a fire destroyed the company's inventory. For the past several years, R B Farm Supply's gross profit percentage has been 35%. 1. Estimate the cost of the inventory destroyed by the fire. Identify another reason that owners and managers use the gross profit method to estimate inventory Use the gross margin method to estimate the cost of ending inventory. Estimated cost of goods sold: Less: Estimated cost of goods sold from any list or enter any number in the input fields and then click Check