Cleveland Company, a camera store, lost some Inventory in a fire on October 15. To file an insurance claim, the company must estimate its October 15 inventory using the gross profit method. For the past two years, Cleveland Company's gross profit has averaged 41% of net sales. Its inventory records reveal the following data ! (Click the icon to view the data.) Read the requirements 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 i Data Table Add: Less: $ 57,700 Inventory, October 1 Transactions October 1-15: Purchases Purchases discounts Choose from any list or enter any number in the input fields and then click Check Ans 490,800 17.000 70.900 660,000 Purchase returns 1 part Clear All Sales remaining 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. Requirement 1. Estimate the cost of the lost inventory using the gross profit method. $ 57,700 Beginning inventory Add: Purchases Less: Purchase returns $ 490,800 (70,900) (17,000) Purchase discounts 402,900 Net purchases Cost of goods available 460,600 TUAJ 460,600 Net purchases Cost of goods available Estimated cost of goods sold: Net sales revenue $ 660,000 (270,600) Less: Estimated gross profit of 41% Estimated cost of goods sold 389,400 Estimated cost of ending inventory lost $ 71,200 Requirement 2. Prepare the income statement for October 1 to October 15 for this product through gro cenarate erhedule