HAt (ckck the cont lo viow the dima ) Feat tes requaraments Semiti Company, a caronen store, lost some inventory in a fee on July 15 . To file an insuance claim, the company must estmate its July 15 inventory using the gross profit method For the past two Smith Company's gross profit has averaged 45% of net sales. Its inentory rocords revoal the following data: lCick the kon io vew the dats ? Read the maquctents Fetimate thun cost al the last invonlorvarsina the iross profit mathod Requirements 1. Estimate the cost of the lost inwentory using the gross probit mothod 2. Prepare the income stalement for July 1 to July 15 for this product through grost profit Stow the dotailed computations of cost of goods sold in a sepasto schedule HAt (ckck the cont lo viow the dima ) Feat tes requaraments Semiti Company, a caronen store, lost some inventory in a fee on July 15 . To file an insuance claim, the company must estmate its July 15 inventory using the gross profit method For the past two Smith Company's gross profit has averaged 45% of net sales. Its inentory rocords revoal the following data: lCick the kon io vew the dats ? Read the maquctents Fetimate thun cost al the last invonlorvarsina the iross profit mathod Requirements 1. Estimate the cost of the lost inwentory using the gross probit mothod 2. Prepare the income stalement for July 1 to July 15 for this product through grost profit Stow the dotailed computations of cost of goods sold in a sepasto schedule