Instructions The inventory was destroyed by fire on December 31. The following data were obtained from the accounting records: 360,000 2,850,000 4,450,000 30% Jan. 1 Inventory Purchases (net) Sales Estimated gross profit rate Jan. 1 to Dec. 31 A. Estimate the cost of the inventory destroyed. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. B. In which situations would the gross profit method be useful