Part VIII (7 Marks) On December 20, 2019 Ginny Company's inventory was lost in a fire. The following information is available for the period July 1 to December 20: Inventory, July 1 $ 80,000 Inventory purchases 325,000 Purchase discounts 650 Transportation-in 4,500 Net sales 650,000 In the last 12 months, the company's gross profit on sales has averaged 40%. REQUIRED: Use the gross profit method to estimate Ginny Company's inventory loss as at December 20, 2019. (Show and label your calculations.)