On December 31, 2018 Felt Company's inventory burned. Sales and purchases for the year had been $1,500,000 and $980,000, respectively. The beginning inventory (Jan. 1, 20 was $170,000, in the past Felt's gross profit has averaged 30% of selling price. Compute the estimated cost of inventory burned Estimated cost of inventory burned $ 100000 Give entries as of December 31, 2018 to close merchandise accounts. (Credit account titles are automatically indented when the amount is ent manually.) Account Titles and Explanation Debit Date Credit December 31, 2018 To record sales) December 31, 2018 (To record purchases) Click f Vou would like to Show work for this question: geen Shon.work