Beginning inventory Beginning inventory Cost of goods available Freight-in Estimated gross profit of 44% Purchases Purchase discounts | Purchase returns 1 Net sales revenue Data table $ 57,200 Inventory, August 1 Transactions August 1-15: Purchases 490,600 Purchases discounts 19,000 Purchase returns 70,300 Sales 664,000 Print Done Requirements 1. Estimate the cost of the lost inventory using the gross profit method. 2. Prepare the income statement for August 1 to August 15 for this product through gross profit. Show the detailed computations of cost of goods sold in a separate schedule. Print Done Howard Company.com or calore inventory in a fine on August 15. To file an insurance dei tre company at estimate is Aga 5 imetery using the grass profil method. For the rest two years, Howard Company's 9108 palleged 44% reale. Ils inwentory tecerca reveal te okowing data: Click the icon to view the cata) Read the requirements Requirement 1. Estimate the voet of the lost inventory using the gross prolt method. Add: Lees Natpurch Estimated cost of goods sold: Estimated cost of goods sold Frimated cost of ending inventory kat Requirement 2. Prepare the income statement for August 1 to August 15 for this product through gros profit. Show the detalica computations of cost of goods sold in a separare schedule Begin by showing the cetailed computations of cost of goods sold Add: Less Less