A Company's Store Was Destroyed by a Fire on February

Essay

A company's store was destroyed by a fire on February 10 of this year.The only information for the current period that could be salvaged included the following:
Beginning inventory,January 1: $34,000
Purchases to date: $118,000
Sales to date: $140,000
Historically,the company's gross profit ratio has been 30%.Estimate the value of the destroyed inventory using the gross profit method.