For one period, a business supplied the figures shown below. Sales revenue $1\,500\,000 Purchases $1\,000\,000 Inventory at end of the period $50\,000 During the period, the rate of inventory turnover was $12$ times and the business achieved a gross profit margin of $40\%$. The business also recorded some purchase returns and paid an amount for carriage inwards. What value of inventory was held at the start of the period?
- A$100\,000
- B$116\,667
- C$128\,572
- D$200\,000