P6-105mate Inventar lost slag grosso meth! Liis Company lost 70% of its inventory in a fire on March 25, 2015. The accounting records showed the following ross prof data for February and March March (to February 3/25) $300.000 $250.000 Net purchases 176.800 139.000 Freight-in 3.900 3.000 Beginning inventory 4.500 20.200 Ending inventory 20.200 2 Net sales Lis Company is fully insured for fire fosses but must prepare a report for the insurance company. Instructies a) Compute the gross profit rate for the month of February (b) Using the gross profit rate for February, determine both the estimated total inventory and inventory loss in the fire in March NOTE: Enter a number in cells requesting a value: enter either a number or a formula in cells with a "?". (a) February Value Value Value Value Net Sales Cost of goods sold Beginning inventory Net purchases Add: Freight-in Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit 2 Value Value Gross profit rate Gross profit Net Sales Gross profit rate *Round to I decimal point Value Value ? (b) Net Sales Less: Estimated gross profit Estimated cost of goods sold Value Value 2 Value Value Value Beginning inventory Net Purchases Ad: Freight-in Cost of goods purchased Cost of goods available for sale Less: Estimated cost of goods sold Estimated total cost of ending inventory Less: Inventory not lost Estimated inventory lost in fire ? ? Value 7 ? After you have completed the requirements of PC-10B. consider this additional question. Answers are on the other tab in this file Suppose that ending inventory in November changed to 525.000. What is the impact on the gross profit rate and the estimated inventory lost in fire in December