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Greenwich Company, a camera store, lost some inventory in a fire on March 15. To file an insurance claim, the company must estimate its March 15 inventory using the gross profit method. For the past two years, Greenwich Company's gross profit has averaged 45% of net sales. Its inventory records reveal the following data: E (Click the icon to view the data.) Read the requirements. Requirement 1. Estimate the cost of the lost inventory using the gross profit method. Data Table x Requirements - X Beginning inventory 57200 Add: Purchases 490500 Less: Purchase discounts 12000 Inventory, March 1 $ 57,200 1. Estimate the cost of the lost inventory using the gross profit method. Purchase returns 70100 Transactions March 1-15: 2. Prepare the income statement for March 1 to March 15 for this product through gross profit. Show the detailed computations of cost of goods sold in a Purchases 490,500 Net purchases separate schedule. Cost of goods available Purchases discounts 12,000 Estimated cost of goods sold: Purchase returns 70.100 Print Done Net sales revenue Sales 662.000 Less: Estimated gross profit of 45% Estimated cost of goods sold Print Done Estimated cost of ending inventory lost Requirement 2. Prepare the income statement for March 1 to March 15 for this product through gross profit. Show the detailed computations of cost of goods sold in a separate schedule. f cost of goods sold. Begin by showing the detailed computations Beginning inventory Add: Purchases Less: Purchase discounts Purchase returns Net purchases Cost of goods available Less: Ending inventory Cost of goods sold Now prepare the March income statement for this product through gross profit. Greenwich Company Income Statement (partial) Period Ending March 15 (date of the Fire) Net sales revenue Cost of goods sold Gross profit