Universal Mic Parts, Inc., sells and installs audio equipment. Universal Mic Parts, Inc.'s entire inventory was destroyed during a recent fire that occurred in its warehouse. Universal Mic Parts, Inc.'s accounting records reflect the following information. (Click the icon to view the accounting records.) Requirement 1. Use the gross profit method to estimate the amount of Universal Mic Parts, Inc.'s inventory loss. Begin by calculating the cost of goods available and then compute the estimated cost of the inventory loss. Cost of goods available Estimated cost of goods sold: Less: Estimated cost of inventory destroyed ...