Smith Distributors, Inc., supplies ice cream shops with various toppings for making sundaes. On November 17, 2018, a fire resulted in the loss of all of the toppings stored in one section of the warehouse. The company must provide its insurance company with an estimate of the amount of inventory lost. The following information is available from the company's accounting records: Fruit Toppings Marshmallow Toppings Chocolate Toppings Inventory, January 1, 2018 $ 23,000 $ 7,300 $ 3,300 Net purchases through Nov. 17 165,000 39,000 12,300 Net sales through Nov. 17 215,000 58,000 20,300 Historical gross profit ratio 20 % 30 % 35 %