Homework Answers
| Approximate value of inventory destroyed | |
| Inventory on January 1 | $ 26,80,000 |
| Add: | |
| Purchases up to date of fire | $ 6,36,000 |
| Less: | |
| Cost Of Goods Sold ($1408000*60%) | $ 8,44,800 |
| Inventory Destroyed | $ 24,71,200 |
| Correct Option: SECOND | |
| Please upvote. | |
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