The Gordon House is a trader in ply board . On December 31, 2022 a portion of the the closing inventory was eaten up by termites The portion that was salvaged was values at $5,960s. The following information is available: (1) Inventory at December1, 2010 at cost $31,400 (2) Purchases for December 2010 $55,600 (3) Sales for December 2010 $88,800 (4) Standard mark-up on cost is 25% Based on this information, what was the value of the closing inventory that was consumed by termites