Module 6 (Chapter 6) Assignment W V2 Q 2 The Hermetic 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 obtained 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 lost due to the fire. Use the data entry form located in the Learn Assessment Dropbox..