Lin Co. sells its merchandise at a gross profit of 50% of cost. The following figures are among those pertaining to Lins operations for the six months ended June 30: Sales $230,000 | Sales Discounts $20,000 Beginning Inventory $50,000 | Freight-In $10,000 Purchases $320,000 | Freight-Out $40,000 On June 30, Lins inventory was completely destroyed by fire. Use the Gross Profit Method to estimate the cost of the destroyed inventory.