Groove Company cartoon se tornar on drum 15 Tofleantece crany materialets January story in the gross profil method for past two years, Greenville Compays gros po averaged 45% onts ventory recordent the flow ng dat Cthe vowed) $ 57,000 Inventory, January 1 Transactions January 1-15: Purchases 490,500 Purchases discounts 12,000 Purchase returns 70,300 Sales 667,000 1. Estimate the cost of the lost inventory using the gross profit method. 2. Prepare the income statement for January 1 to January 15 for this product through gross profit. Show the detailed computations of cost of goods sold in a separate schedule. Requirement 1. Estimate the cost of the lost inventory using the gross profit method. Add: Less: Net purchases Estimated cost of goods sold: u II Less: Estimated cost of goods sold Estimated cost of ending inventory lost Requirement 2. Prepare the income statement for January 1 to January 15 for this product through gross profit Show the detailed computations of cost of goods sold in a separate schedule Begin by showing the detailed computations of cost of goods sold Add: Loss Less Cost of goods sold Now prepare the January income statement for this product through gross profit. Greenville Company Income Statement (partial) Period Ending January 15 (date of the Fire) Gross profit Choose from any list or enter any number in the input fields and then continue to the next