PART B Universal Electronics stores its inventory in a warehouse that was destroyed by fire in June 2018. The business began the year with inventory of $260,000. During the year, the business made net purchases of $1,680,000 and had net sales of $2,600,000. The company's gross profit has historically been 40% of net sales revenue. Use the gross profit method to estimate the cost of the ending inventory destroyed in the hurricane. (4 marks) Assignment #2invenrory valuation Page 2