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 45% of net sales. Its inventory records reveal the following data: E: (Click the icon to view the data.) Inventory, August 1 $ 57,300 Transactions August 1-15: Purchases 490,100 Purchases discounts 12,000 Purchase returns 70,300 Sales 662,000 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