Elite Homes Enterprises lost its entire inventory in a hurricane that occurred on December 31, 2015. Over the past five years, gross profit has averaged 32% of net sales. The company's records reveal the following data for the month of December. A (Click the icon to view the data.) eguirement Requirement 1. Estimate the December 31 inventory, using the gross profit method. Data Table Estimated cost of Goods Sold Beginning Inventory 37,100 370.200 Net Purchases 575,900 Less Sales Sales Returns and Allowances 9,500 1,500 Sales Discounts Estimated Ending Inventory