Smith Distributors, Inc, supplies ice cream shops with various toppings for making sundaes. On November 17, 2021, 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 Inventory, January 1, 2021 Net purchases through Nov. 17 Net sales through Nov. 17 Historical gross profit ratio Fruit Harshmallow Chocolate Toppings Toppings Toppings $ 17,000 $ 6,700 $ 2,700 135,000 33,000 11,700 185,000 $2,000 19,700 25% 35% 35% Required: 1. Calculate the estimated cost of each of the toppings lost in the fire Estimated cost of lost inventory 4 Toppings Fruit Marshmallow Chocolate