CHAPTER 6 Inventory Costing and Valuation Pro Problem 6-13B Estimating ending inventory-gross profit method LO6 CHECK FIGURE: $81,380.50 The Zeon Company had a flood on July 5, 2020, that destroyed all of its inventory. The salvao records contained the following information: ins $ 737,650 414.900 Sales, January 1 to July 5...... Net merchandise purchased Jan. 1 to July 5......... Additional information was determined from the 2019 annual report: Income statement: $2,122,550 1,337,175 Sales... Cost of goods sold................ Balance sheet: Merchandise inventory........................ 131,200 Zeon was unable to salvage any usable inventory after the water subsided. Required Determine the amount of inventory lost by Zeon as a result of the flood. Zeon has a year-end. Round the gross profit ratio to the nearest whole percentage point. Problem 6-14B Gross profit method LO6 CHECK FIGURE: $183,637.50