Casey's Construction, Inc., lost its entire inventory in a hurricane that occurred on May 31, 2018. Over the past five years, gross profit has averaged 25 percent of net sales. The company's records reveal the following data for the month of May (Click the icon to view the data) Read the requirements Requirement 1. Estimate the May 31 inventory, using the gross profit method Beginning inventory C Net purchases Cost of goods available 42,700 369,500 412,200 Estimated cost of goods sold Net sales 500,000 Less Estimated gross profit of 25% 125.000 Estimated cost of goods sold 375,000 37 200 Estimated ending inventory leave the box Requirement 2. Prepare the May income statement through gross profit for Casey's Construction, Inc. (If a box is not used in the income statement, leave the box empty, do not select a label or enter a zero.) Casey's Construction, Inc. Income Statement (Partial) For the Month Ended May 31, 2018 Ending inventory Cost of goods sold Gross profit a 01 Data table Beginning inventory Net purchases Net sales $ 42,700 369,500 500,000 ot u Print Done Requirements 1. Estimate the May 31 inventory, using the gross profit method. 2. Prepare the May income statement through gross profit for Casey's Construction, Inc. Print Done hen