Cressley Antiques, Inc, began June with inventory of $47,900. The business made net purchases of $31,700 and had net ales of $10.500 belore a fire destroyed the company's inventory. For the past several years, Cresaley's gross profit percentage has been 45%. Resed the tepuintinent: Use the gross margin method to estimate the cost of inventory desiroyed Requirement 1. Estimate the cost of the inventory desiroyed by the fire, lidentify anotier maten bsas owners and manages use the gross proft method to ostimate inventory