Learning Objective 3 Use the above video link to answer the following questions. 1. The gross profit method of estimating inventory is acceptable in all of the following situations except a. to determine the cost of inventory for interim statements. b. to estimate the cost of inventory destroyed by a casualty. c. to develop budgeted amounts of cost of goods sold and ending inventory from a sales budget. d. to determine the cost of inventory for annual financial statements. 2. Given the following information, what is the estimated cost of ending inventory by the gross profit method?