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: o Inventory at January 1 - $320,000 o Sales for January - $620,000 o Purchases for January - $406,000 o 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