Master Blaster, Inc., sells and installs audio equipment. Master Blaster, Inc's entire inventory was destroyed during a recent fire that occurred at its warehouse. Master Blaster, Inc.'s accounting records reflect the following information. EB Click the icon to view the accounting records.) Requirement 1. Use the gross profit method to estimate the amount of Master Blaster, Inc.'s inventory loss. Begin by calculating the cost of goods available and then compute the estimated cost of the inventory loss Beginning inventory Net purchases $63,000 243,900 306,900 Cost of goods available Estimated cost of goods sold 243900 306900 Estimated cost of goods sold Less: Estmated cost of inventory destroyed 3060900 Beginning inventory Estimated cost of inventory destroyed Data Table Beginning inventory S Net purchases... Net sales. Gross profit rate 63,000 243,900 404,000 30% Print Done