View Policies Current Attempt in Progress Ivanhoe Ltd's accounting records reported the following information: Inventory, Jan 1, 2023 $298000 Purchases during 2023 1490000 Sales during 2023 1990000 A physical inventory taken on December 31, 2023, resulted in an ending inventory of $348000. Ivanhoe's gross profit on sales has remained constant at 30% in recent years. Ivanhoe suspects some inventory may have been taken by a new employee. At December 31, 2023, what is the estimated cost of the missing inventory? O $70500 $47000 $97000 $403000 eTextbook and Media Save for Later Attempts: 0 of 1 used Submit Answer