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A tsunami destroyed Toshikuni Company's warehouse and all of its inventory. Toshikuni's prior-year balance sheet reported ending inventory totaling $4,963. Toshikuni's management believes that last year's gross profit percentage is a good estimate of the gross profit in the current year. Toshikuni's sales last year were $48,600 and its cost of goods sold was $22,356. Before the tsunami, Toshikuni's net sales were $25,400, and Toshikuni purchased $16,328 of inventory. Of the inventory purchased, $1,010 had not yet been delivered to Toshikuni. Read the requirements. Requirement a. Use the gross profit method to determine Toshikuni's historical gross profit percentage. Identify the appropriate formula and then calculate Toshikuni's historical gross profit percentage. (Round the gross profit percentage to one decimal place, X.X\%.) Gross profit %= Beginning inventory Cost of goods sold Prior year cost of goods sold Prior year net sales Prior year net sales Prior year cost of goods sold (Prior year net sales - Beginning inventory) Prior year cost of goods sold (Prior year net sales - Prior year cost of goods sold) Prior year net sales Requirements Round percentages to one decimal place. Use the gross profit method to determine the following: a. What is Toshikuni's historical gross profit percentage? b. What is Toshikuni's estimated cost of goods sold? c. What is Toshikuni's estimated gross profit? d. What is Toshikuni's estimated ending inventory

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