Wk 2 - Apply: Summative Assessment [due Day 7] 11.11 6 points Saved On September 22, 2021, a flood destroyed the entire merchandise Inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following Information is available from the records of the company's periodic Inventory system: Inventory, January 1, 2021 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $159,000 389,000 645,000 20% 03.55.07 Required: Complete the below table to estimate the cost of Inventory destroyed in the flood using the gross profit method. eBook Beginning inventory Plus: Net purchases Cost of goods available for sale References Less: Cost of goods sold: Net sales S 845,000 Less: Estimated gross profit Estimated cost of goods sold Estimated cost of inventory destroyed 5 159,000 389,000 548,000 645,000 $ (97,000) Wk 2 - Apply: Summative Assessment [due Day 7] 11.11 6 points Saved On September 22, 2021, a flood destroyed the entire merchandise Inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following Information is available from the records of the company's periodic Inventory system: Inventory, January 1, 2021 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $159,000 389,000 645,000 20% 03.55.07 Required: Complete the below table to estimate the cost of Inventory destroyed in the flood using the gross profit method. eBook Beginning inventory Plus: Net purchases Cost of goods available for sale References Less: Cost of goods sold: Net sales S 845,000 Less: Estimated gross profit Estimated cost of goods sold Estimated cost of inventory destroyed 5 159,000 389,000 548,000 645,000 $ (97,000)