On August 31, a hurricane destroyed a retail location of Sandhill's Clothier including the entire inventory on hand at the location. The inventory on hand as of June 30 totaled $1960000. Since June 30 until the time of the hurricane, the company made purchases of $534000 and had sales of $1532000. Assuming the rate of gross profit to selling price is 40%, what is the approximate value of the inventory that was destroyed? $1040800 $1960000 $1574800 $1881200