Exercise 9-8 (Algo) Gross profit method [LO9-2] On September 22, 2024, a flood destroyed the entire merchandise Inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system: Inventory, January 1, 2024 $ 153,000 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio 383,000 615,000 30% Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross profit method. Beginning inventory Plus: Net purchases Cost of goods available for sale Less: Cost of goods sold Net sales Less: Estimated gross profit 0 Estimated cost of goods sold 383,000 Estimated cost of inventory destroyed $ (383,000)