A D E F G . K M N O P O R S T U V Score: 77 ALT-GROSS-PROFIT-METHOD Choose Exercise (1-2) Benton Corporation had beginning inventory on January 1 of $522,875. The company made purchases this year of $3,499,000, and the sales this year were $5,500,000. During the past several years, the gross profit percentage has been 35.00%. On August 28 this year, a fire broke out in the warehouse, destroying the entire inventory. Using the following income statement, determine the amount of inventory lost in the fire. 5.500.000 1 1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 SALES BEGINNING INVENTORY, JAN. 1 + PURCHASES = COST OF GOODS AVAILABLE FOR SALE ENDING INVENTORY (ESTIMATED) = COST OF GOODS SOLD GROSS PROFIT 522.875) 3.499.000 4.021.875 3.575.000 1 0 0 1.925.000 1 ALT-GP-METHOD