Watertown Company, a camera store, lost some inventory in a fire on May 15. To file an insurance claim, the c has averaged 44% 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