Pomeranian Clothiers Inc., a clothing retailer of high-end ladies' fashions, had their inventory destroyed in a flood. Its average gross profit percentage is 45%. The following information is available: Beginning inventory... Purchases.... Purchase returns and allowances.. Sales......... Sales Returns and Allowances... Required $ 86,950 380,590 12,250 556,250 18,560 Calculate the estimated cost of the destroyed ending inventory using the Gross Profit Method. Bold I