On September 22, 2018, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system: Inventory, January 1, 2018 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $157,000 387,000 635,000 301 Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross profit method. 0 Beginning inventory Plus: Not purchases Cost of goods available for sale Loss: Cost of goods sold: Net sales Less: Estimated gross profit Estimated cost of goods sold Estimated cost of inventory destroyed 0 $ 0 On September 22, 2018, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system: Inventory, January 1, 2018 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $157,000 387,000 635,000 301 Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross profit method. 0 Beginning inventory Plus: Not purchases Cost of goods available for sale Loss: Cost of goods sold: Net sales Less: Estimated gross profit Estimated cost of goods sold Estimated cost of inventory destroyed 0 $ 0