On September $5,2023,$ Captive Company's entire inventory was destroyed by flood. The following information is available from the accounting records.

Inventory, January $1,2023$ $$440,000$

Purchases, January $1-$ September $5$ $$510,000$

Sales, January $1-$ September $5$ $$820,000$

Normal gross margin $15\%$

Compute the estimated cost of inventory lost in the fire.