On August 31, a humcane destroyed a retail location of ingles Htarket Corp. inctuding the ertire invertory an hand at the location. The inveritary on hand as of fune 30 totaled 51,920,000. From June 30 until the time of the hurricane, the compary made purchates of $510,000 and had sales of $1,600,000. Assumaing the rate of qross proit to solling price is 40%, what is the ' approximate yaloe of the inventoey that was destroyed? a. $1,230,000 b. $1,000,000 c $1,530,000 d. $1,120,000 Lown-of-cost-or-net realzable value must be used for companies who vie which of the folowing envensocy mathoddogies? a. FiFo to All of the above 6. Typecteidertification d. Weighted average