Problem 9-21 Use gross profit ratio to calculate inventory loss LO 3 Franklin Co. has experienced gross profit ratios or 2016, 2015, and 2014 of 33 00 30.50%, and 3 50% respective on Apri 3 201 h rms ant and alts were destroyed by a tornado. Accounting records for 2017, which were available because they were stored in a protected vault, showed the following ent Sales from January 1 thru April 2 January 1 inventory amount Purchases of inventory from January 1 thru April 2 $149,360 63,320 118,247 Required: Calculate the amount of the insurance claim to be filed for the inventory destroyed in the tornado. (Hint: Use the cost of goods sold model and a gross profit ratio that will result in the largest claim.) (Do not round intermediate calculations.) Insurance claim