On January 13, 2005 Peploski Shoes was destroyed by fire. Luckily, the accounting records were kept in a separate location and the company was able to reconstruct the following information:

Inventory at Jan. 1/05 $150,000

Sales from Jan. 1 to Jan. 13 $80,000

Purchases from Jan. 1 to Jan.13 $50,000

Gross profit percentage on sales 22%

Required :

Calculate the cost of inventory destroyed by fire.