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What amount of inventory was lost in the flood

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Question

Hat's 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?

Reference no: EM132319136

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