Question: Testbank Multiple Choice Question 107 On August 31, a hurricane destroyed a retail location of Carla Vista's Clothier including the entire inventory on hand at

Testbank Multiple Choice Question 107 On August 31, a hurricane destroyed

Testbank Multiple Choice Question 107 On August 31, a hurricane destroyed a retail location of Carla Vista's Clothier including the entire inventory on hand at the location. The inventory on hand as of June 30 totaled $1955000. Since June 30 until the time of the hurricane, the company made purchases of $531000 and had sales of $1528000. Assuming the rate of gross profit to selling price is 25%, what is the approximate value of the inventory that was destroyed? $ 1955000. $ 2104000. $ 1340000. $ 809000

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