The merchandise inventory was destroyed by fire on December 13. The following data were obtained from the accounting records A Estimate the cost of the merchandise destroyed Refer to the Amount Descriptions kst provided for the exact wording of the answer choices for text entries. B. In which situations would the gross proft method be usefur? Estimated cost of merchandise sold Estimated merchandise inventory, December 13 Less estimated gross profit Merchandise available for sale Merchandise inventory, January 1 Plus estimated gross profit Purchases (net), January 1-December 13 Ratio of cost to retail price Sales, January 1-December 13 Estimated Cost of Merchandise Destroyed 1 2 Cost B. The gross profit method is useful. Check all that apply. for estimating the cost of merchandise destroyed by fire or other disasters. to help management decide between FIFO, LIFO, and weighted average inventory cost flow methods. for estimating inventories for monthly or quarterly financial statements. for deciding whether the inventory has gone out of style and must be marked down. for determining the sales price of merchandise