A flash flood swept through FMB, Inc.’s warehouse on May 1….

A flash flood swept through FMB, Inc.’s warehouse on May 1. After the flood, FMB’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?