Adams Corporation estimates that it lost $145,700 in inventory from a recent flood. The following information is available from the records of the company's periodic inventory system: beginning inventory, $340,000; purchases and net sales from the beginning of the year through the date of the flood, $580,000 and $890,000, respectively. What is the company's gross profit ratio? Gross profit ratio Choose Denominator: Choose Numerator: Gross profit ratio Gross profit ratio