Cressley Antiques, Inc., began June with inventory of $48,100. The business made net purchases of $33,000 and had net sales of $60,100 before a fire destroyed the company's inventory. For the past several years, Cressley's gross profit percentage has been 35%. Read the requirement. Requirement 1. Estimate the cost of the inventory destroyed by the fire. Identify another reason that owners and managers use the gross profit method to estimate inventory