Trekking Company's inventory in its River Oaks store was destroyed by a flood. Its gross profit ratio was 65% and net sales were $30,000. The estimated cost of goods available for sale was $32,500. The estimated value of the lost inventory was $18,000. True or False True False The retail inventory method of estimating inventory uses the ratio of goods available for sale at cost to goods available for sale at retail. True or False True False