Young Compary, a camera store, lost some inventory in a fire on October 15 . To file an insurance claim, the company must estimate its October 15 inventory using the gross profi method. For the past two yoars, Young Company's gross profit has averaged 44% of not sales. Its inventory tecords reveal the following data: F7: (Cick the ibon to view the dola.) fread the recuirements. Young Company, a camera store, lost some imentory in a fire on October 15. To fe an insurance claim, the company must estimate its October t5 inventory using the. gross profit method. For the past two years., Young Company's gross profit has averaged 44% of net sales. Its inventory records reveal the following data: (Click the icon to viow the data.) Read the reguirements. Requirement 2. Prepare the income statement for October 1 to October 15 for this product through gross profit Show the detailed computations af cost of goods sold in a separate schedule. Young Company, a camera store, lost some inventory in a fire on October 15. To file an insurance claim, the company must estimate its October 15 inventory using the gross profit method. For the past two years, Young Company's gross profit has averaged 44% of net sales. Its inventory records reveal the following data: (Cick the icon to view the data.) Read the reguirements. Now prepare the October income statement for this product through gross profit. Young Company, a camera store, lost some inventory in a fire on October 15. To file an insurance claim, the company must estimate its October 15 inve gross proft method. For the pant two years, Young Company's gross profit has averaged 44% of net sales. Its inventory records reveal the following dat III (Click the in Read the ceavir Data table ompany, a camera store, lost some inventory in a fire on Uctober 15.10 the an insurance cat m, the company must estimate iss October 15 inventory using Af method. For the past two years, Young Companys gross proft has averaged 44% of net sales. Its inventory records reveal the following data: k the icon to view the data.) teauirements. Requirements 1. Estimate the cost of the iost inventory using the gross profit method. 2. Prepare the income statement for October 1 to October 15 for this product through gross profit. Show the detalled computations of cost of goods sold in a separate schedule