ABC Co., a retailer, uses a pe rom its accounts and records: riodic inventory system. The following information is available Inventory (from general ledger)... Purchases (net of returns and discounts from general ledger..... Gross profit ratio (based on consistent average over the past 5 years)... ..$300,000 .$3,100,000 25% * This is the beginning of the year inventory balance as of January 1, 20X9 based on a count. The manager arrived at the store on the morning of October 1, 20X9 and found that a burglary had occurred and large amounts of valuable inventory had been stolen. A count showed remaining inventory on hand after the theft that had cost $45,000. ABC Co. plans to make a claim with its insurance company for the costs of this stolen inven- tory. Using the gross profit method, what is the estimated cost of the stolen inventory