Speaker Shop, Inc., sells and installs audio equipment. Speaker Shop, Inc.'s entire inventory was destroyed during a recent fire that occurred in its warehouse. Speaker Shop, 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 Speaker Shop, Inc.'s inventory loss. ... Begin by calculating the cost of goods available and then compute the estimated cost of the inventory loss. Beginning inventory $ 55,000 271,200 Net purchases 326.200 Cost of goods available Estimated cost of goods sold: Less: Estimated cost of inventory destroyed Data Table 55,000 Beginning inventory ..... $ Net purchases Net sales 271,200 440,000 Gross profit rate ........ 30% Print Done