Score: 0 of 10 pts 3 of 21 (12 complete) HW Score: 22%, 12.54 of 57 pts E6-27A (similar to) Question Help Southwest Antiques, Inc., began November with inventory of $45,500. The business made net purchases of $48,000 and had net sales of $86,600 before a fire destroyed the company's inventory. For the past several years, Southwest's gross profit percentage has been 35%. Read the resuirement Use the gross margin method to estimate the cost of inventory destroyed. Cost of goods available Estimated cost of goods sold: Less: Estimated cost of goods sold Estimated cost of inventory destroyed es, Inc., began November with inventory of $45,500. The business made net purchases of $48,000 and had net sale e company's inventory. For the past several years, Southwest's gross profit percentage has been 35%. ment. gin method to estimate the cost of inventory destroyed. ailable goods sold: st of goods sold inventory do * Requirement - 1. Estimate the cost of the inventory destroyed by the fire. Identify another reason that owners and managers use the gross profit method to estimate inventory. Print Done