Watertown Company, a camera store, lost some itiventory in a fire on May 15 . To file an insurance clam, the company must estimate its May 15 inventory using the gross protit method For the past two years, Watertown Company's gross peoft has averaged 39 . of net sales Its inventory recoids reveal the folowng data (Cick the icon to viow the dala? Read the reokiremnnts Data table Requirements 1. Estimate the cost of the lost inventory using the gross profit method. 2. Prepare the income statement for May 1 to May 15 for this product through gross profit. Show the detailed computations of cost of goods sold in a separate schedule