Insufficient data to determine closing inventory value Steps:

• Calculate gross profit: 25% of $500,000 =$125,000.
• Calculate cost of goods sold (COGS): $500,000 -$125,000 = $375,000.
• Note that COGS = opening inventory + purchases - closing inventory.
• Markup of 33⅓% implies cost is 75% of selling price, but no values for opening inventory or purchases are provided. Not enough information.

Final answer: Not enough information.