On April 15 of the current year, a fire destroyed half of the uninsured ending inventory of a retail store. The following data are available: Sales, January 1 through April 15 $480,000 Inventory, January 1 80,000 Purchases, January 1 through April 15 400,000 Markup on cost 25% The amount of the ending inventory before the fire is $96,000 O $80,000 $120,000 O $48,000