Jenrose Company began April with inventory of $227,000. The business made net purchases of $640,000 and had net sales of $935,000 before a fire destroyed the company's inventory. For the past several years, Jenrose Company's gross margin on sales has been 38 percent. Required 1. Estimate the cost of the inventory destroyed by the fire. 2. Identify another reason owners and managers use the gross margin method to estimate inventory on a regular basis. Requirement 2. Identify another reason owners and managers use the gross margin method to estimate inventory on a regular basis. Another reason owners and managers use the gross margin method to estimate inventory cost on a regular basis is to determine