Part C (4 marks). In the early morning of January 1, 2021, Detroit Corp.'s inventory was destroyed by fire. The following information was available for calendar 2020 : Detroit's gross profit on sales has averaged 30% for several years. Instructions: Calculate the estimated cost of the inventory destroyed. Show computations. Cost of inventory destroved: Ouestion 3 (continued). Part B (8 marks). The records of Colchester Corporation showed the following transactions, in the order given, relating to an inventory item: 1. Determine the amounts for the following cost flow assumptions (round unit costs to the nearest cent; show computations), assuming a periodic inventory system ( 6 marks) : 2. Which cost flow method results in the highest gross margin. Briefly explain. No calculation needed. ( 2 marks)