Franklin Co. has experienced gross profit ratios for 2010, 2009, and 2008 of 33%, 30%, and 31%, respectively. On April 3, 2011, the firms plant

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Franklin Co. has experienced gross profit ratios for 2010, 2009, and 2008 of 33%, 30%, and 31%, respectively. On April 3, 2011, the firm’s plant and all of its inventory were destroyed by a tornado. Accounting records for 2011, which were available because they were stored in a protected vault, showed the following:
Sales from January 1 thru April 2 . . . . . . . . . . . . . . . . . . . . $142,680
January 1 inventory amount. . . . . . . . . . . . . . . . . . . . . . . . . . . 63,590
Purchases of inventory from
January 1 thru April 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118,652

Required:
Calculate the amount of the insurance claim to be filed for the inventory destroyed in the tornado.