30 of 30 < > View Policies Current Attempt in Progress On February 5, 2020, a flash flood destroyed a Company's warehouses, destroying all of the inventory inside. Fortunately for the company, all of the accounting records were kept in the main office inside a building at a different location. A search of the company's records revealed the following information: Purchases from January 1 to February 5 were $740,000 Cost of inventory on hand January 1 was $590,000 Sales between January 1 and February 5 were $1,030,000 Cost-to-sales ratio for 2019 and so far in 2020 was 62% Determine the cost of the inventory that was destroyed in the flash flood. Cost of the inventory Save for Later Attempts: 0 of 1 used Submit