The Hibiscus Lodge is a trader in plastic ornaments. On January 31, 2019 a fire destroyed the firm's inventory records and some of its inventory. The following information is available: Inventory at January 1 - $320,000 Sales for January - $620,000 o Purchases for January - $406,000 Inventory in good condition at January 31 - $116,000 Standard gross profit percentage on cost of sales is 25%. Based on the information, what is the value of inventory lost? Select one: O a. $230,000 O b. $155,000 O c. $124,000 O d. $114,000 13