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7-24 25. Estimating Inventory and Cost of Goods Sold Marshall Inc. experiences a fire in its warehouse at the end of the year, which destroys its entire inventory. M purchased $150,000 during the year. It also shows sales of S310 000 for the year. Nommal, Ma shars experiences a 55% gross profit percentage on sales. Required: a fire in its warehouse at the end of the year, which destroys its entire inventory. Marshal's records show that it started the year with $35,000 of inventory and method to estimate Marshall's cost of goods sold and ending inventory Cost of goods sold 139500 Ending inventory The gross profit method of estimating inventory uses a company's gross profit percentage to estimate the cost of goods sold and then ending inventory. To apply the method, a company first subtracts its normal gross profit from its sales to yield an estimate of its cost of goods sold. That estimate is then put into the cost of goods sold model to estimate 24