Problem 923 (Algo) Use gross profit ratio to calculate inventory loss LO 9-3 Franklin Company has experienced gross profit ratios for 2022,2021 , and 2020 of 34.00%,30.00%, and 31.75%, respectively. On April 6, 2023, the firm's plant and all its inventory were destroyed by a tornado. Accounting records for 2023, which were available because they were stored in a protected vault, showed the following: 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.) Note: Do not round intermediate calculations