Ross Company, a camera store, lost some inventory in a fire on January 15. To file an insurance claim, the company must estimate its January 15 inventory using the gross profit method. For the past two years, Ross Company's gross profit has averaged 44% of net sales. Its inventory records reveal the following data: (Click the icon to view the data.) Read the requirements. Requirement 1. Estimate the cost of the lost inventory using the gross profit method. Add: Less: Net purchases Estimated cost of goods sold: Less: Estimated cost of goods sold Estimated cost of ending inventory lost Requirement 2. Prepare the income statement for January 1 to January 15 for this product through gross profit. Show the detailed computations of cost of goods sold in a separate schedule. Begin by showing the detailed computations of cost of goods sold. Add: Less: Less: Cost of goods sold Now prepare the January income statement for this product through gross profit. Ross Company Income Statement (partial) Period Ending January 15 (date of the Fire) Gross profit Data table Inventory, January 1 $ 57,900 Transactions January 1-15: Purchases Purchases discounts Purchase returns Sales Print Done 490,200 11,000 70,400 663,000 - X