Nine Company uses a periodic inventory system. On November 17, 2018, a fire destroyed the company's inventory. The company must provide their insurance company with an estimate of the inventory loss. The following information was available from the company's accounting records.

Inventory, January 1, 2018	$20,000
Net purchases through November 17, 2018	150,000
Net sales through November 17, 2018	200,000
Historical gross profit rate	20%

Determine an estimate of the inventory as of November 17, 2018 using the gross profit method.