2 / 2 7. Rodriguez Corporation sells its product, a rare metal, in a controlled market with a quoted price applicable to all quantities. The total cost of 5,000 pounds of the metal now held in inventory is $315,000. The total selling price is $840,000, and estimated costs of disposal are $15,000. At what amount should the inventory of 5,000 pounds be reported in the balance sheet? A. $300,000 B. $315,000 C. $825,000 D. $840,000. 8. On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store. The following data are available: Sales, January 1 through April 15 $600,000 Inventory, January 1 100,000 Purchases, January 1 through April 15 500,000 Markup on cost 25% The amount of the inventory loss is estimated to be a. $120,000 b. $60,000. c. $150,000 d. $100,000 9. Boxer Inc. reported inventory at the beginning of the current year of $360,000 and at the end of the current year of $411,000. If net sales for the current year are $4,429,200 and the corresponding cost of sales totaled $3,321,900, what is the inventory turnover for the current year? a. 11.49. b. 8.08. c. 10.78 d. 8.62 BE