On April 8, 2019, a flood destroyed the warehouse of Stuco Distributing Co. From the waterlogged records of the company, management was able to determine that the firm's gross profit ratio had averaged 35% for the past several years and that the Inventory at the beginning of the year was $56,500. It also was determined that during the year until the date of the flood, sales had totaled $103,100 and purchases totaled $67,350. Required: Calculate the amount of inventory loss from the flood. Inventory loss