Estimate the cost of inventory in the store on June 10 before the fire. ??

Question 10 (5 points) Saved Estimating Inventory. (5 marks) The inventory of Ace Hardware Store was destroyed by fire on June 10, 2011. The following information was found in the accounting records: January 1, beginning inventory $18,000 Jan 1 to June 10 - merchandise purchases $34,200 Jan 1 to June 10 - purchase returns $ 2,500 Jan 1 to June 10 - sales $67,500 The estimated gross profit rate was 40%. REQUIRED: Estimate the cost of inventory in the store on June 10 before the fire