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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