A company's store was destroyed by a fire on February 10. The only information that could be salvaged included the following: F (1) Inventory, January 1: $34,000 (2) Purchases: $118,000 (3) Sales: $140,000 The company's gross profit rate was 30%. Calculate the estimated value of the destroyed inventory Select one: Select one: a 12000 Copy of Copy Copy of Copy odos The total dollar value of inventory on hand is determined by: (1) estimating the units on hand, (2) multiplying the count by cost per unit, and (3) adding the costs for all products. Select one: Select one: True False