A fire destroyed Interlock Company's entire retail inventory. The inventory on hand as of January 1 totaled $3.300.000. From January I through the time of the fire, the company nude purchases of $1.366.000, incurred freight-in of $156,000, and had sales of $2, 420,000. Assuming the rate of gross profit to veiling price is 30%. what is the approximate value of the inventory that was destroyed? Given the historical cost of product Z is $80, the selling price of product Z is $95, costs to sell product Z are $11, the replacement cost for product Z is $83, and the normal profit margin is 40% of sales price, what is the amount that should be used to value the inventory under the lower-of-cost-or-market method? a. $46. b. $80. c. $84. d. $83. e. None of the above