Adams Corporation estimates that it lost $80,000 in inventory from a recent flood. The following information is available from the records of the company's periodic inventory system: beginning inventory, $238,000; purchases and net sales from the beginning of the year through the date of the flood, $403,000 and $592,000, respectively.


What is the company's gross profit ratio?

I just can't get the correct answer if anyone knows how to work this out please answer.