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Requirements 1. Estimate the cost of the lost inventory using the gross profit method. 2. Prepare the income statement for October 1 to October 15 for this product through gross profit. Show the detailed computations of cost of goods sold in a separate schedule. Print Done i Data Table Inventory, October 1 $ 57,500 Transactions October 1-15: Purchases 490,600 - Purchases discounts. KER 18,000 Purchase returns 70, 100 Sales 661,000 Print Done Greenwich Company, a camera store, fost some inventory in a freon October 15. To file an insurance claim, the company must estimate its Odober 15 inventory using the gross proft method. For the past two years. Greenwich Company's gross profit has averaged 45% of net sales, its inventory records reveal the following de (Click the icon to view the data) Read the requirements Requirement 1. Estimate the cost of the lost inventory using the gross profit method Net purchases Estimated cost of goods sold: Less Estimated cost of goods sold Estimane cost of ending inventory lost Choose from any list or enter any number in the input fields and then continue to the next question Requirement 1. Estimate the cost of the lost inventory using the gross profit method. Add: Less: Net purchases Estimated cost of goods sold: Less: Estimated cost of goods sold Estimated cost of ending inventory lost Choose from any list or enter any number in the input fields and then continue to the next question. Requirement 2. Prepare the income statement for October 1 to October 15 for this product through gross profit. Show the detailed computations of cost of goods sold in a separate schedule Begin by showing the detailed computations of cost of goods sold. Add: Less: Less Cost of goods sold Now prepare the October income statement for this product through gross profit Now prepare the October income statement for this product through gross profit. Greenwich Company Income Statement (partial) Period Ending October 15 (date of the Fire) Gross profit Choose from any list or enter any number in the input fields and then continue to the next