The Raider Company had a fire on April 1st, 2018, which completely destroyed its inventory. No physical inventory count had been taken since December 31, 2017. The company's books showed the following balances at the date of the fire Net Sales $160,000 Inventory, Dec 31, 2017 40,000 Net Purchases 130.000 Gross proft 20% Determine the cost of inventory destroyed by fire on April 1, 2018