A fire destroyed most of the inventory in Mick's warehouse on September 1. After the fire, Mick's accounting records showed the following: Inventory, January 1 Purchases, January 1 through September 1 Sales, January 1 through September 1 Inventory not damaged by fire Gross profit percentage on sales $ 55,000 $310,000 $370,000 $ 45,000 30% What amount of inventory was lost in the fire