Butterfly Company began January with inventory of $219,000. The business made net purchases of $640,000 and had net sales of $885,000 before a fire destroyed the company's inventory. For the past several years, Butterfly Company's gross margin on sales has been 37 percent Required 1. Estimate the cost of the inventory destroyed by the fire. 2. Identify another reason owners and managers use the aross marain method to estimate inventorv on a regular basis