| | |9H VUI 14 01 03 MULTIPLE CHOICE Prior to a fire that destroyed most of its inventory, Kelly's Department Store had inventory purchases during the period of $80,000 and sales of $250,000. Kelly's Department Store began the period with $190,000 in inventory. Kelly's Department Store's typical gross profit percentage is 20 percent. Inventory that cost $15,000 survived the fire. REQUIRED: Using the GROSS PROFIT METHOD, estimate the inventory loss from the fire. $50,000 $70,000 $60,000 $55,000 $80,000 14 of 63 K A G 245/5/2020