Young Company, a camera store, lost some inventory in a fire on August 15. To file an insurance claim, the company must estimate its August 15 inventory using the gross profit method. For the past two years, Young Company's gross profit has averaged 43% of net sales. Its inventory records reveal the following data: E (Click the icon to view the data.) Read the requirements. Requirement 1. Estimate the cost of the lost inventory using the gross profit method. Add: Less: Net purchases Estimated cost of goods sold: Less: Estimated cost of goods sold Estimated cost of ending inventory lost x Data Table $ 57,600 Inventory, August 1 Transactions August 1-15: Purchases 490,400 Purchases discounts Purchase returns 13,000 71,000 668,000 Sales Print Done Requirements 1. Estimate the cost of the lost inventory using the gross profit method. 2. Prepare the income statement for August 1 to August 15 for this product through gross profit. Show the detailed computations of cost of goods sold in a separate schedule. Print Done