Module 6 (Chapter 6) Assignment Q 2 The Hermantic Company had a fire March 15, 2022, that destroyed all of its inventory. During the last five years, the company's gross profit rate has averaged 60%. The following information, up to March 15th, was salvaged from the accounting records: January 1 beginning inventory Purchases Purchase returns Transportation-In Sales Sales discounts Sales returns $220,000 580,000 24,000 8,600 860,000 9,500 13,000 Instructions: Use the gross profit method to prepare an estimate of the company's March 15th inventory. Use the data entry form located in the Leam Assessment Dropbox