On August 31, a hurricane destroyed a retail location of Sunland's Clothier including the entire inventory on hand at the location. The inventory on hand as of June 30 totaled $1890000. Since June 30 until the time of the hurricane, the company made purchases of $492000 and had sales of $1476000. Assuming the rate of gross profit to selling price is 25%, what is the approximate value of the inventory that was destroyed?
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On August 31, a hurricane destroyed a retail location of Sunland's Clothier including the entire inv...
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