Howard Company, a camera store, lost some inventory in a fire on May 15. To file an insurance claim, the company must estimate its May 15 inventory using the gross profit method. For the past two years, Howard Company's gross profit has averaged 43% of net sales. Its inventory records reveal the following data: (Click the icon to view the data.) Read the requirements. Data table 1. Estimate the cost of the lost inventory using the gross profit method. 2. Prepare the income statement for May 1 to May 15 for this product through gross profit. Show the detailed computations of cost of goods sold in a separate schedule