Sheffield Company prepares monthly financial statements and uses the gross profit method to estimate ending

inventories. Historically, the company has had a $40\%$ gross profit rate. During June, net sales amounted to $$194000$; the

beginning inventory on June $1$ was $$54000$; and the cost of goods purchased during June amounted to $$85000.$ The

estimated cost of Sheffield Company's inventory on June $30$ is

$$138000.$

$$21600.$

$$22600.$

$$77600.$