3 Homework: Ch 5HW Question 5, E5-26A (simil HW Score: 68.33% 6.83 of 10 points Part 2 of 2 Save Points: 0 83 of 2 Totally Tunes, Inc, sells and instals audio equipment Totally Tunes, Inc.'s entire inventory was destroyed during a recent fire that occurred in de warhouse Totally Tunes, les 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 Totally Tunes, Inc.'s inventory loss Data Table Begin by calculating the cost of goods available and then compute the estimated cost of the nventory loss Beginning inventory 47.500 Beginning inventory 47500 Net purchases Net purchases 280 400 Net sales 420.000 Cost of goods available 327 900 Gross profit rate 45% $ $ 280.000 Answer Help Me Solve This DemoDocs Example Get More Help Print Dons