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Blossom Jewelry reported the following income statement data for a 2-year period. 2019 2020 HK$2,150,000 HK$2,550,000 Sales revenue Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit 321,000 1,820,000 2,141,000 440,000 1,701,000 HK$449,000 440,000 2,127,000 2,567,000 534,000 2,033,000 HK$517,000 Blossom uses a periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct. However, the ending inventory at December 31, 2019, was understated HK$60,000. Prepare correct income statement data for the 2 years. 2019 2020 Sales HK$ HK$ Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit HK$ HK$ Splish Pottery lost 70% of its inventory in a fire on March 25, 2020. The accounting records showed the following gross profit data for February and March. Net sales Net purchases Freight-in Beginning inventory Ending inventory February March (to 3/25) 309,000 267,800 203,734 196,730 2,987 4,120 4,635 25,956 25,956 Splish is fully insured for fire losses but must prepare a report for the insurance company. X Your answer is incorrect. Compute the gross profit rate for the month of February. (Round answer to 2 decimal places, e.g. 25.16%.) The gross profit rate for the month of February 32 % * Your answer is incorrect. Using the gross profit rate for February, determine both the estimated total inventory and inventory lost in the fire in March. (Round answers to O decimal places, e.g. 1,250.) The estimated total inventory Inventory lost in the fire in March

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