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A flash flood swept through Dad, Inc.s warehouse on May 1. After the flood, Hats...

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Accounting

A flash flood swept through Dad, Inc.s warehouse on May 1. After the flood, Hats accounting records showed the following:

Inventory, January 1 $35,000
Purchases, January 1 through May 1 200,000
Sales, January 1 through May 1 250,000
Inventory not damaged by flood 30,000
Gross profit percentage on sales 40%

What amount of inventory was lost in the flood?

$55,000

$85,000

$120,000

$150,000

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