Beginning Inventory: 500 items costing $50 ea. = $25,000 (from accounting records) Purchases Janl to June 13: 1,000 items costing $50 ea. = $50,000 (from accounting records) Sales Jan 1 to June 13: of $92,846 (from accounting records) .Joe uses a 30% gross profit margin (percent). Required: Estimate the amount of inventory destroyed in the fire. 2. Jones Company is starting a business to distribute a single product. an umbrella whose selling price is $16 and whose variable cost is $12 per umbrella. The company's fixed expense is $11,000 per month