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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

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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 Toppings $ 26,000 180,000 230,000 Marshmallow Toppings $ 7,600 42,000 61,000 30% Chocolate Toppings $ 3,600 12,600 20,600 35% 15% Required: 1. Calculate the estimated cost of each of the toppings lost in the fire. Estimated cost of Toppings lost inventory Fruit Marshmallow Chocolate

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