Yamus d IOhnal groSS pront Gross Profit Method On July 23, the company's inventory was destroyed in a hurricane-related flood. For insurance purposes, the company must reliably estimate the amount of inventory on hand on July 23. The company u ?inventory system.The following data have been assembled ses a periodic ,Inventory, January 1 Purchases, January 1-July 23 Sales, January 1-July 23: Historical gross profit percentages $1,000,000 3,700,000 5,000,000 Last year Two years ago 60% 5596