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, 2818 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $157,000 387,080 635,080 30 % Required: s 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 proft Estimated cost of goods sold Estimated cost of inventory destroyed