A company's warehouse was destroyed by a tornado on March 15. The following information was salvaged from the ruins: Inventory, beginning: $62,000 Purchases for the period: $42,500 Sales for the period: $123,000 Sales returns for the period: $1,600 The company's average gross profit ratio is 35%. What is the estimated cost of the lost inventory? Multiple Choice $67,925 $103,500 $25,590.0 $60,410.0 $104,500