On April 8, 2022, a flood destroyed the warehouse of Marmaron Distributing Co. From the waterlogged records of the company, management was able to determine that the firm’s gross profit ratio had averaged 45% 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.