On September 22, 2024, 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, 2024 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio Beginning inventory Plus: Net purchases $ 148,000 378,000 590,000 Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross profit method. Cost of goods available for sale Less: Cost of goods sold: Net sales Less: Estimated gross profit Estimated cost of goods sold Estimated cost of inventory destroyed 20%

On September 22,2024 , 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: Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross profit method