Amax Corporation estimates that it lost $34,600 in inventory from a recent flood. The following information is available from the records of the company's periodic inventory system: beginning inventory, $160,000; purchases and net sales from the beginning of the year through the date of the flood, $400,000 and $710,000, respectively. What is the company's gross profit ratio? Choose Numerator: Estimated gross profit Gross profit ratio Choose Denominator: / Net sales = 1 = Gross profit ratio Gross profit ratio 0