Exercise 8.9 (Algo) Estimating Inventory by the Gross Profit Method (LO8.6) When Mary Potts arrived at her store on the morning of January 29, the found emply shelves and display racks, ifieves had brokin in during the night and stolen the entire inventory. Accounting records showed that Potti had hiventory costing $57000 on lamairy From January 1 to January 28, Potts had made net sales of $79,800 and net puichases of $91,200 The gross profit during the pist several years had consistently averaged 46 percent of net sales. Potts plans to fiee an insurance claim for the thett loss. a. Using the gross profit method, estimate the cost of irventory at the time of the thefl