On September 20, 2020, a major flood at Epp Company's warehouse caused severe damage to its entire inventory. The following information was available from Epp's accounting records: Inventory at September 1, 2020 $75,000 Purchases from September 1, 2020 to the date of the flood $180,000 Net sales from September 1, 2020 to the date of the flood $250,000 Based on recent history, Epp had a gross margin (profit) of 40% of net sales. Using the Gross Profit Method, what is the estimated loss on the inventory in the flood. O$150,000 $100,000 O $155,000 O$105,000

ansepternber 20, 2020, a major flood at Epp Compony's Warehouse caused severe domage to its entire inventory. The following information wis avalable from Epp's. accounting records: Hased on recent history, Epg had p.gross margin (proft) of 40% of net sales. Using the Gross Profit Method, what is the estimated loss on the inventory in the food. $150,000 5100,000 5155,000 5105,000