The Jamison Company's inventory was destroyed on July 4, 2016, when its warehouse caught on fire early in the morning. Inventory was totally destroyed. The accounting records, which were located in a fireproof vault, contained the following information:

Sales (1/1/16 through 7/3/16)	$240,000
Purchases (1/1/16 through 7/3/16)	180,000
Inventory (1/1/16)	45,000
Gross profit ratio	25% of cost

Using the gross profit method, what is the estimated cost of the inventory that was destroyed by the fire?

	a.	$15,000
	b.	$23,250
	c.	$33,000
	d.	$45,000