On November 15, 2020, a fire destroyed Scarborough Inc.'s warehouse where inventory is stored. It is estima ted that $60,000 can be realized from sale of usable but damaged inventory. The accounting records concerning inventory reveal the following. Based on recent records, gross margin has averaged 35% of net sales. $ 720,000 Inventory at Nov. 1 2020 Purchases from Nov. 1, 2020, to Nov. 15, 2020 Net sales from Nov. 1, 2020, to Nov. 15, 2020 840,000 1,200,000 Required a. Calculate the estimated loss of inventory using the gross profit method. h Assume instead that the markup is 35% of cost. Estimate the cost of ending inventory using the gross profit method. Do not round the gross profit percentage used in your calculations. Round your final answers to the nearest dollar