On October 31, a fire destroyed Sheridan Inc.'s entire retail inventory. The inventory on hand as...

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On October 31, a fire destroyed Sheridan Inc.'s entire retail inventory. The inventory on hand as of January 1 totaled $2745000. From January 1 through the time of the fire, the company had purchases of $675000 and sales of $1460000. Assuming that the rate of gross profit to selling price is 40%, what is the approximate value of the inventory that was destroyed? $2716375 On October 31, a fire destroyed Sheridan Inc.'s entire retail inventory. The inventory on hand as of January 1 totaled $2745000. From January 1 through the time of the fire, the company had purchases of $675000 and sales of $1460000. Assuming that the rate of gross profit to selling price is 40%, what is the approximate value of the inventory that was destroyed? $2716375