Suppose a Freaking Bigbox bookstore lost inventory in a fire. To file an insurance claim, Freaking Bigbox m ust estimate its inventoryby the gross profitmethod. For the past two years, FreakingBigbox's gross profithas averaged 40% of net sales. Freaking Bigbox's inventoryrecords reveal the following data: Inventory, July 1, 2022 $360,000 Transactions during July Purchases 628,000 Purchase discounts 4,500 Puuchase retums 9,000 Sales revenue 1,000,000 Sales retums 170,000 Required 1. Estimate the cost of the lostinventoryusing the gross profit method. 2. Prepare the July 2022 income staternent through gross profit. Show the detailed computation of cost of goods sold in a separate schedule