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Master Blaster, Inc., sells and installs audio equipment Master Blaster, Inc's entire inventory was destroyed during a recent fire that occurred at its warehouse. Master Blaster, Inc.'s accounting records reflect the following information. EEB KClick the icon to view the accounting records) Requirement 1. Use the gross profit method to estimate the amount of Master Blaster, Inc.'s inventory loss Begin by calculating the cost of goods available and then compute the estimated cost of the inventory loss. Beginning inventory Net purchases 63,000 243 900 306,900 Cost of goods available Estimated cost of goods sold: 306900 Net sales Less: | Estimated g| ss profit of 30% Estimated cost of goods sold 282800 24100 331000 Estimated cost of inventory destroyed cost of goo e Invntory lo Data Table Beginning inventory Net purchases. Net sales Gross profit rate $63,000 243,900 404,000 30% ds sold gross profit goods sold entory destroy Print Done Beginning inventory Net purchases Cost of goods available Estimated cost of goods sold: Net sales 306900 282800 Beginning inventory Cost of goods available Estimated cost of goods sold Estimated cost of inventory destroyed Estimated gross profit of 30% Net purchases Net sales tor ant numher in the inout fields and the