Question: On July 24 of the current year, The Acme Peach Company experienced a natural disaster that destroyed the firm's entire inventory. At the starting of July, the firm reported starting inventory of $226,750. Inventory purchased during July [until the date of the disaster] was dollar 197,800. Sales for the month of July through July 24 were $642,500. Suppose the company's typical gross profit ratio is 50%, determine the amount of inventory destroyed in the natural disaster.