Thompson Company, a camera store, lost some inventory in a fire on October 15. To file an insurance claim, the company must estimate its October 15 inventory using the gross profit method. For the past two years. Thompson Company's gross profit has averaged 45% of net sales. Its inventory records reveal the following data: (Click the icon to view the data) Read the requirements Requirement 1. Estimate the cost of the lost inventory using the gross profit method. Add: Less Net purchases Estimated cost of goods sold Less Estimated cost of goods sold Estimated cost of ending inventory lost Data table Inventory, October 1 Transactions October 1-15: Purchases Purchases discounts Purchase returns Sales I $ 57,300 490,700 12,000 70,000 665,000 Requirements 1. Estimate the cost of the lost inventory using the gross profit method. 2. Prepare the income statement for October 1 to October 15 for this product through gross profit. Show the detailed computations of cost of goods sold in a separate schedule. -