The Duffy Company had a fire May 15, 2022, that destroyed all of its inventory. During the last five years, the company's gross profit rate has averaged 60%. The following information, up to May 15th, was salvaged from the accounting records: January 1 beginning inventory Purchases Purchase returns Transportation-In Sales Sales discounts Sales returns $240,000 540,000 21,000 5,700 800,000 9,600 14,000 Instructions: Use the gross profit method (Appendix 6B Page 6-31)) to prepare an estimate of the company's May 15th inventory. Use the data entry form located in the Learn Assessment Dropbox or the Learn Content section for Module 6. The Duffy Company Gross Profit Method Inventory Estimate 3 9 1 2 Deducto 14