Sound Parts Discounters, Inc., sells and installs audio equipment. Sound Parts Discounters, Inc.'s entire inventory was destroyed during a recent fire that occurred in its warehouse. Sound Parts Discounters, Inc.'s accounting records reflect the following information. (Click the icon to view the accounting records.) Requirement 1. Use the gross profit method to estimate the amount of Sound Parts Discounters, Inc.'s inventory loss. Begin by calculating the cost of goods available and then compute the estimated cost of the inventory loss. Cost of goods available Data table Beginning inventory ..... $ 47,500 Net purchases 288,500 Net sales... 420,000 Gross profit rate ..... 40%