Viewpoint Company’s October 31 inventory was destroyed by fire. The company’s beginning inventory was $500,000, and purchases fo
r January through October were $1,200,000. Sales for the same period were $1,800,000. The company’s normal gross profit percentage is 30% of sales. Using the gross profit method, the October 31 inventory is estimated to be $300,000. $40,000. $540,000. $440,000.