Data Table Requirements $ 57,500 Inventory, March 1 Transactions March 1-15: Purchases 1. Estimate the cost of the lost inventory using the gross profit method. 2. Prepare the income statement for March 1 to March 15 for this product through gross profit. Show the detailed computations of cost of goods sold in a separate schedule. 490,900 10,000 70,200 Purchases discounts Purchase returns Sales 647,000 Print Done Print Print Done Greenville Company, a camera store, lost some inventory in a fire on March 15. To file an insurance claim, the company must estimate its March 15 inventory using the gross profit method. For the past two years, Greenville Company's gross profit has averaged 43% of net sales. Its inventory records reveal the following data: E: (Click the icon to view the data.) Read the requirements Requirement 1. Estimate the cost of the lost inventory using the gross profit method. Add: Less: Net purchases Estimated cost of goods sold: Less: Estimated cost of goods sold Estimated cost of ending inventory lost Requirement 2. Prepare the income statement for March 1 to March 15 for this product through gross profit. Show the detailed computations of cost of goods sold in a separate schedule. Begin by showing the detailed computations of cost of goods sold. Add: Less Less: Cost of goods sold Now prepare the March income statement for this product through gross profit. Greenville Company Income Statement (partial) Period Ending March 15 (date of the Fire) Gross profit