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On August 31. a hurricane destroyed a retail location of Vinny's Clothier including the entire inventory on hand at the location. The inventory on hand as of June 30 totaled $1.820,000. Since June 30 until the time of the hurricane, the company made purchases of 5510,000 and had sales of $1.500,000. Assuming the rate of gross proht to selling price is 10%, what is the approximate value of the Inventory that was destroyed? $1430,000 $1.089.000 $1230,000 $1.620,000 5 pts Question 31 On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store. The following data are available: Sales, January 1 through April 15 $450,000 Inventory, January 1 125,000 Purchases, January 1 through April 15 350,000 Markup on cost 20% The amount of the inventory loss is estimated to be $125.000 570.000 550.000 $100.000