The merchandise inventory was destroyed by fire on December 13. The following data were obtained from the accounting records: Jan. 1 Jan. 1 to Dec. 13 Merchandise Inventory Purchases (net) Sales Estimated gross profit rate $ 350,000 2,950,000 4,440,000 35% A. Estimate the cost of the merchandise destroyed. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries B. In which shuations would the gross profit method be useful? Final Question B. The gross profit method is useful. Check all that apply. for estimating the cost of merchandise destroyed by fire or other disasters. for determining the sales price of merchandise. for estimating inventories for monthly or quarterly financial statements. for deciding whether the inventory has gone out of style and must be marked down. O to help management decide between FIFO, LIFO, and weighted average inventory cost flow methods