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 estimate of the amount of inventory lost. The following information is available from the company's accounting records Fruit Marshmallow Chocolate Inventory, Januar Net purchases through Nov. 17 Net sales through Nov. 17 Historical gross profit ratio Toppings Toppings $7,200 38,000 57,000 Toppings $3,200 12,200 20,200 30% s 22,000 160,000 210,000 20% 30% Required 1. Calculate the estimated cost of each of the toppings lost in the fire Estimated cost of Toppings Fruit Marshmallow Chocolate lost inventory