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Data table Cleveland Company, a camera store, lost some inventory in a fire on October...

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Accounting

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Data table Cleveland Company, a camera store, lost some inventory in a fire on October 15 . To file an insurance claim, the company must estimate its October 15 inventory using the gross profit method. For the past two years, Cleveland Company's gross profit has averaged 41% of net sales. Its inventory records reveal the following data: (Click the icon to view the data) Read the requirements. Requirement 1. Estimate the cost of the lost inventory using the gross profit method. Requirements 1. Estimate the cost of the lost inventory using the gross profit method. 2. Prepare the income statement for October 1 to October 15 for this product through gross profit. Show the detailed computations of cost of goods sold in a separate schedule

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