Data Table - X $ 57,000 Inventory, March 1.. Transactions March 1-15. Purchases Purchases discounts Purchase returns Sales 490,000 16,000 70.900 660.000 . . DI . Print Done | .. .. Question Help Assume Young Company, a camera store, lost some inventory in a fire on March 15. To file an insurance claim. Young Company must estimate its March 15 ending inventory by the gross profit method Assume that for the past two years Young Company's gross profit has averaged 43% of net sales Suppose that Young Company's inventory records reveal the following data Click the icon to view the data) Requirements 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 Requirement 1. Estimate the cost of the lost inventory using the gross profit method Add: Less Choose from any list or enter any number in the input fields and then click Check Answer Put u March 15 Tof this product through gross pront Show the detailed comp Net purchases Estimated cost of goods sold Less Estimated cost of goods sold Estimated cost of ending inventory lost