Jim is able to sell a hand-carved statue for $550 which was a 35% profit over his cost. How much did the statue originally cost him?
Choose the correct choice from the following answers:
A) $ 407.41  B) $ 412.40  C) $ 455.40  D) $ 474.90  E) $ 488.20

Rationale: "550 = 1.35 * x x = 550 / 1.35 = 407.407407 . . . which rounds to $ 407.41 , which is ( a ) ."
Answer: A