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Brief Exercise 9-5 (Algo) Gross profit method [LO9-2] B On February 26, a hurricane destroyed the entire inventory stored in a warehouse owned by the Rockford Corporation. The following Information is available from the records of the company's periodic inventory system: beginning Inventory. $295,000; purchases and net sales from the beginning of the year through February 26, $550,000 and $750,000, respectively, gross profit ratio, 35%. Estimate the cost of the inventory destroyed by the hurricane using the gross profit method. 55:32 nces Beginning inventory Plus: Net purchases Cost of goods available for sale Less Cost of goods sold: Net sales Loss Estimated gross profit Estimated cost of goods sold Estimated cost of inventory destroyed