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What was the estimated value of the inventory

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Question - Company J had $210,000 of inventory on hand at the beginning of the accounting year. Company J had purchased another $530,000 in inventory and had sales of $750,000 prior to a tornado hitting the company warehouse. The storm destroyed all but $40,000 of the inventory. An insurance policy covered the inventory lost. Company J has an average gross profit percentage of 30%. What was the estimated value of the inventory destroyed in the tornado?

a. $157,500

b. $175,000

c. $657,500

d. $475,000

Reference no: EM132558579

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