A fire completely destroyed the entire inventory of Printing Delight Co. on March 15, 20--. Fortunately, the books were not destroyed in the fire. The following information is taken from the books of...

Extracted text: A fire completely destroyed the entire inventory of Printing Delight Co. on March 15, 20--. Fortunately, the books were not destroyed in the fire. The following information is taken from the books of Printing Delight Co. for the time period, January 1, 20-- through March 15, 20--: Beginning inventory, January 1, 20-- $45,000 Net purchases, January 1, through March 15, 20-- 252,000 Net sales, January 1, through March 15, 20-- 378,000 Normal gross profit percentage of sales 37% Required: 1. Estimate the cost of goods sold for the time period January 1 through March 15, 20--, using the gross profit method. Estimated cost of goods sold 66,350 x Feedback 2. Estimate the amount of merchandise inventory destroyed in the fire on March 15, 20--, using the gross profit method. Estimated inventory on March 15, 20-- 22,275 x Feedback