Exercise 9-8 Gross profit method [LO9-2] On September 22, 2018, 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, 2018 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $145,000 375,000 575,000 25% 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: CD Net sales Less: Estimated gross profit Estimated cost of goods sold eD Estimated cost of inventory