Suppose Ironman, Inc., lost all of its inventory in a flood. Beginning inventory was \($43,000,\) net purchases totaled \($524,000,\) and sales came to \($875,000.\) Ironman’s normal gross profit percentage is 44%. Use the gross profit method to estimate the cost of the inventory lost in the flood.

a. ($308,000

b. $182,000

C. ($77,000\)

d. $34,000\)