Problem 9-5 Gross profit method [LO9-2] Smith Distributors, Inc., supplies ice cream shops with various toppings for making sundaes. On November 17, 2018, a fire resulted in the loss of all of the toppings stored in one section of the warehouse. The company must provide its insurance company with an the amount of inventory lost. The following information is available from the company's accounting records Fruit Marshmallow Chocolate Inventory, January 1, 2018 Net purchases through Nov. 17 Net sales through Nov. 17 Historical gross profit ratio Toppings Toppings Toppings $ 3,500 12,500 20,500 308 25,000 7,500 175,000 225,000 41,000 60,000 258 188 Required: 1. Calculate the estimated cost of each of the toppings lost in the fire. Estimated cost Toppings lost inventory Fruit Chocolate