On April 24 of the current year, The Memphis Pecan Company experienced a tornado that destroyed the company's entire inventory. At the beginning of April, the company reported beginning inventory of $226,850. Inventory purchased during April (until the date of the tornado) was $197.900. Sales for the month of April through April 24 were $642,600. Assuming the company's typical gross profit ratio is 50%, estimate the amount of inventory destroyed in the tornado Multiple Choice $212,375 $157.838 $321,300 $217,850 $102,450