A company lost all but $50 of its inventory in a fire on Feb. 22, 2017. The companys financial records are listed below:

2015 2016

Net Sales 10,000 12,300

COGS 6,500 7,995

Gross Profit 3,500 4,305

Operating Exp. 2,000 2,500

Net Income 1,500 1,805

For 2017 the companys records showed beginning inventory of $350, purchases of $500 and purchase returns of $90.

Net sales for the first part of the year totaled $1,000.

Determine the amount of inventory destroyed in the fire. (You must first calculate the companys historical gross profit percentage.)

	A.	$240
	B.	$360
	C.	$ 60
	D.	$150
	E.	$110