TB MC Qu. 05-140 (Algo) A flood destroyed a company's warehouse... A flood destroyed a company's warehouse contents on September 12. The following information was the onily information that was salvaged 1. Inventory, beginning $28,500 2. Purchases for the penod. $17,500 3. Sales for the penod: $55,500 4. Sales retuins for the period: $750 The company's average gross profit ratio is 40%. What is the estimated cost of the lost inventory using the bross profit method? Multuple Choice 51355000 $24,30000 527,60000