3 of 18 A company's warehouse was destroyed by a flood on May 15. The following information was the only information available: 1. Inventory, beginning. $14,000 2. Purchases for the period: $8.500 3. Sales for the period: $27,500 4. Sales returns for the period: $350 The company's average gross profit ratio is 35%. What is the estimated cost of the lost inventory? $ 4,852.5. $12,997.5. $14.625. $22.000