On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store. The following data are available:Sales, January 1 through April 15 $480,000Inventory, January 1 80,000Purchases, January 1 through April 15 400,000Markup on cost 25%The amount of the inventory loss is estimated to be:a. $96,000. b. $48,000. c. $120,000. d. $80,000.
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