Butterty Company began September with inventory of $232.000. The business made net purchases of $640,000 and had net sales of $935,000 before a fire destroyed the company's inventory. For the past severa years, Butterfly Company's gross margin on sales has been 38 percent Required 1. Estimate the cost of the inventory destroyed by the fire. 2. Identify another reason owners and managers use the gross margin method to estimate inventory on a regular basis Requirement 1. Estimate the cost of the inventory destroyed by the fre Cost of goods available for sale Estimated cost of goods sold Less Estimated ending inventory Requirement 2. Identify another reason owners and managers use the gross margin method to estimate inventory on a regular basis. Another reason owners and managers use the gross margin method to estimate inventory cost on a regular basis is