Jambo Inc. produces its financial reports on an annual basis and has a year-end of December 31, 2019. A flood damaged the entire inventory on November 1, 2019. Jambo Inc. uses the periodic system. The following information was available for 2019: Beginning Inventory $ 45,000 Sales $300,000 Purchases $150,000 Historical gross profit percentage 70% The balance of inventory on the books of Jambo Inc. as of Nov 1, 2019 is: $90,000 $210,000 None of the available answers is correct $105,000 $45,000