On January 1, Bronson Stores had inventory valued at $124,000. January purchases were $78,000, and January sales were $220,000. On February 1, a fire destroyed most of the inventory on hand. The average gross profit is 25% of sales. Merchandise with a value of $10,000 remained undamaged after the fire.

Required: Using the gross profit method, calculate the estimated value of inventory that was destroyed in the fire