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The following information is available through June 2020 for Lim Company Beginning inventory $ 180,000 Purchases 370,000 Sales 520,000 Gross profit ratio 2596 On June

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The following information is available through June 2020 for Lim Company Beginning inventory $ 180,000 Purchases 370,000 Sales 520,000 Gross profit ratio 2596 On June 29, a fire completely destroyed Lim's inventory. Using the gross profit method, the estimated value of the inventory destroyed is a $30,000 Ob $160,000 OC $390,000 Od $420,000 e None of the above is correct

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