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On October 31, a fire destroyed Carla Vista Inc.'s entire retail inventory. The inventory on hand as of January 1 totaled $2755000. From January 1
On October 31, a fire destroyed Carla Vista Inc.'s entire retail inventory. The inventory on hand as of January 1 totaled $2755000. From January 1 through the time of the fire, the company made purchases of $681000 and had sales of $1468000. Assuming the rate of gross profit to selling price is 25%, what is the approximate value of the inventory that was destroyed?
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