MERC Co. began operations in 2015. On July 15, 2020, a fire broke out in the company's warehouse destroying all inventory and many accounting records. The following information was assembled from the microfilmed records. All sales and purchases are on account Inventory Accounts receivable Accounts payable Collections from customers, Jan. 1, 2020 - July 15, 2020 Payments to suppliers, Jan 1, 2020 - July 15, 2020 Sales returns, Jan. 1, 2020 - July 15, 2020 Purchase returns, Jan 1, 2020 - July 15, 2020 Goods out on consignment on July 15, 2020, at cost Goods in transit at July 15, 2020, purchased FOB Shipping Point (included in the July 15 accounts payable balance) Goods in transit at July 15, 2020, sold FOB Destination (included in the July 15 accounts receivable balance). Selling price, P23,500; Cost: Jan. 1, 2020 July 15, 2020 287,700 261,180 257,780| 176,280 245,700 1,507,600 975,000 51,700 40.800 97,500 34,750 - 17,390 The following is a summary of prior years' sales and gross profit on sales: Sales Gross profit 2017 1,252,000 375,600 2018 1,410,000 366,600 2019 1,360,000 462,400 Round of the gross profit ratio to the nearest whole percentage (e.g. XX%). Based on the information above, answer the following questions: 1. What is the company's average gross profit ratio based on its prior years' sales? 2. What is the company's total sales for the period January 1 through July 15 of the current year? 3. What is the company's total purchases for the period January 1 through July 15 of the current year? 4. What is the company's estimated inventory on July 15, 2020, before the fire? 5. What is the inventory fire loss