On 6/19/12 a fire destroyed the entire uninsured merchandise inventory of the Shelf Merchandising Company. The following data are available: Inventory Jan 1 = $80,000 / Purchases Jan 1 - June 19 = $560,000 / Sales Jan 1 - June 19 = $776,000 / Markup percentage on cost 25% What is the approximate inventory loss as a result of the fire? (a) $19,200 (b) $27,200 (c) $34,000 (d) $58,000