Thetland Presented below is information related to ABC Inc. Inventory, beginning $375,000 Purchases 1,369,000 Purchase returns 90,000 Purchase discounts 27,000 Gross sales 2,110,000 Sales retums 145,000 Freight-in 63,000 Instructions Assuming the rate of gross profit to selling price is 25%, what is the approximate value of ending inventory at December 31, 2016. $216,250 B $118.000 $1,198,750 D. None of these answer choices are correct Moving to another question will save this response