Question: Question 34 (2 points) On March 15, a fire destroyed Interlock Company's entire retail inventory. The inventory on hand as of January 1 totaled $1,650,000.

Question 34 (2 points) On March 15, a fire destroyed Interlock Company's entire retail inventory. The inventory on hand as of January 1 totaled $1,650,000. From January 1 through the time of the fire, the company made purchases of $761,000, and had sales of $1,210,000. Assuming the rate of gross profit to selling price is 30%, what is the approximate value of the inventory that was destroyed? $2,048,000. O $1,486,000. $1,564,000. O $2,411,000. None of the above

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