Chapter 5 - Homework Help Save & Exit Submit Check my werk 7 4 A substantial portion of inventory owned by Prentiss Sporting Goods was recently destroyed when the roof collapsed during a rainstorm. Prentiss also lost some of its accounting records. Prentiss must estimate the loss from the storm for insurance reporting and financial statement purposes. Prentiss uses the periodic Inventory system. The following accounting information was recovered from the damaged records Beginning inventory 1201,700 Purchases to date of storm 396,200 Sales to date of stor 595,000 The value of undamaged Inventory counted was $89,244. Historically. Prentus gros mergin percentage nas been approximately 18 percent of sales Required Estimate the following: a. Gross margin in dollars b. Cost of goods sold in dollars. c. Ending inventory d. Amount of lost inventory Gross margin Cost of goods sold Estimated ending wentary d Inventory out