Franklin Co. has experienced gross profit ratios for 2019, 2018, and 2017 of 33%, 30%, and 31%, respectively. On April 3

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Franklin Co Has Experienced Gross Profit Ratios For 2019 2018 And 2017 Of 33 30 And 31 Respectively On April 3 1 (31.24 KiB) Viewed 14 times

Franklin Co. has experienced gross profit ratios for 2019, 2018, and 2017 of 33%, 30%, and 31%, respectively. On April 3, 2020, the firm's plant and all its inventory were destroyed by a tornado. Accounting records for 2020, which were available because they were stored in a protected vault, showed the following: Sales from January 1 through April 2 January 1 inventory amount Purchases of inventory from January 1 through April 2 $71,340 31,795 59,326 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