On April 24 of the Current Year,The Memphis Pecan Company

Multiple Choice

On April 24 of the current year,The Memphis Pecan Company experienced a tornado that destroyed the company's entire inventory.At the beginning of April,the company reported beginning inventory of $226,750.Inventory purchased during April (until the date of the tornado) was $197,800.Sales for the month of April through April 24 were $642,500.Assuming the company's typical gross profit ratio is 50%,estimate the amount of inventory destroyed in the tornado.

A) $212,275
B) $103,300
C) $217,950
D) $321,250
E) $157,788