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What was the cost of the inventory damaged in the fire

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Question 1: Foamy Suds Ltd. had a fire at its warehouse and was trying to determine the cost of the inventory lost. For the year to date, sales had been $525,000, opening inventory was $125,000, purchases to date were $318,000, and the cost-to-sales ratio is normally 60%. Inventory not damaged in the fire was $18,000. What was the cost of the inventory damaged in the fire?

Option a) $110,000

Option b) $124,000

Option c) $160,000

Option d) $74,000

Reference no: EM132582470

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