Reguired 1. Filmate the cond of the inehion deviropes by the fre. Anomer fasoh of Buterty Company began December with inventory of $212,000. The business tnade net purchases of $580,000 and had net sales of $915,000 before a fire destroyed the company's imventory. For the past soveral years, Buttertly Company's gross margin on sales has been 38 percent Required 1. Estirnate the cost of the inventory destroyed by the fire 2. Identify another roason owners and managers use the gross margin method to estimale inventory on a rogular basis Requirement 1. Estimate the cost of the inventory dostroyed by the fre: Requirement 2. Identify another reason owners and managers use the gross margin method to ostimate inventory on a regular basis. Another reason owners and manacers use the aross margin method to estimato inventory cost on a regular basis is to determine Butterfly Company began December with inventory of $212,000. The business made net purchases of $580,000 and had net sales of $915,000 before a fire destroyed the company's inventory. For the past several years, Butterfly Company's gross margin on sales has been 38 percent. Required 1. Estimate the cost of the inventory destroyed by the fire. 2. Identify another reason owners and managers use the gross margin method to estimate inventory on a regular basis Requirement 1. Estimate the cost of the inventory destroyed by the fire. Requirement 2 . Identify another reason owners and managers use the gross margin method to estimate inventory on a regular basis. Another reason owners and managers use the gross marqin method to estimate inventory cost on a regular basis is to determine