Howard Company, a camera store, lost some inventory in a fire on July 15. To file an insurance claim, the company must estimate its July 15 inventory using the gross profit method. For the past two years, Howard Company's gross profit has averaged 45% of net sales. Its inventory records reveal the following data (Click the icon to view the data.) Read the requirements. Requirement 1. Estimate the cost of the lost inventory using the gross profit method Data table $ 57,800 Add: Loss 490,100 Inventory, July 1 Transactions July 1-15 Purchases Purch Les discounts Purchase returns Sales Net purchases 15,000 71,000 647,000 Estimated cost of goods sold: Print Loss Estimated cost of goods sold Done Estimated cost of onding inventory lost Requirement 2. Prepare the income statement for July 1 to July 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 Less Requirement 2. Prepare the income statement for July 1 to July 15 for this product through gross profit. Show the detailed computations of cont of goods sold in a separate schedule Begin by showing the detailed computations of cost of goods sold Add: Less: LOSS Cost of goods sold Now prepare the July income statement for this product through gross profit Howard Company Income Statement (partial) Period Ending July 15 (date of the Fire) Gross profit