B R Farm Supply, Inc., began July with inventory of exist49, 600. The business made net purchases of exist54, 200 and had net sales of exist95, 500 before a fire destroyed the company's inventory. For the past several years, B R Farm Supply's gross profit percentage has been 35%. Requirement 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. ___________ _______________ ________ __________ Goods available _______ Estimated cost of goods sold: ___________ ___________ Less: _______ __________ Estimated cost of goods sold ______ Estimated cost of ending inventory _______ Another reason that owners and managers use the gross profit method to estimate inventory cost on a regular basis is