On August 31, a Hurricane Destroyed a Retail Location of Vinny's

question 88

Multiple Choice

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 $320,000.From June 30 until the time of the hurricane, the company made purchases of $85,000 and had sales of $250,000.Assuming the rate of gross profit to selling price is 40%, what is the approximate value of the inventory that was destroyed?

• A)$320,000.
• B)$181,500.
• C)$205,000.
• D)$255,000.

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