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 $226,950. Inventory purchased during April (until the date of the tornado) was $198,000. Net Sales for the month of April hrough April 24 were $642,700. Assuming the company's typical gross profit ratio is 50%, estimate the amount of inventory destroyed in the tornado Multiple Choice $212,475 $321.350 $217,750 $103,600