The showroom of Sundale Furniture was flooded due to a recent cyclone and its inventory was totally destroyed. Their accounting records were damaged but the following information was salvaged. Sales revenue (to date this period) $280 000 Beginning inventory (at retail) $50 000 Purchases (to date this period at retail) $430 000 Historical gross profit percentage 40% Assuming the historical gross profit ratio is maintained the estimated cost of inventory lost in the flood is: $80 000 $200 000 $60 000 $172 000