The accountant for a company whose inventory was destroyed by fire determined from undamaged records that the cost of goods available for sale was $111,000 and the net sales were $80,000 up to the date of the fire. The accountant also determined that the company's normal gross profit rate is 40 percent of net sales. From this data, the accountant estimated the cost of the inventory destroyed by the fire to be:

A firm that uses a periodic system sells a single product that had a beginning inventory of 3,900 units with a total cost of $19,500. Early in the year, 9,500 units were purchased at $6 each. At the end of the year there were 2,400 units on hand. Using LIFO, what is the value of the ending inventory of 3,900 units?