Use gross profit ratio to calculate inventory loss LO3 On April 8. 2013. 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 40% for the past several years and that the inventory at the beginning of the year was $314,200. It also was determined that during the year until the date of the flood sales had totaled $638,400 and purchases totaled $355,140 Required: Calculate the amount of inventory loss from the flood