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On October 31, a fire destroyed PH Inc.'s entire retail inventory. The inventory on hand as of January 1 totaled $1,360,000. From January 1 through the time of the fire, the company made purchases of $330,000 and had sales of $720,000. Assuming the rate of gross profit to selling price is 40%, what is the approximate value of the inventory that was destroyed?

A) $1,346,000.

B) $1,360,000.

C) $970,000.

D) $1,258,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M960853

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