Clean Chem Industrials Ltd manufactures cleaning solvents used in industrial dry cleaning and laundry services. On 25 April, the electrical system in the factory shorted causing a fire. When the fire reached the solvents, the materials exploded destroying the factory, equipment, raw materials and all inventory on hand. Luckily, the accounting records were backed up and stored in an offsite location. The records contained the following information:

The gross profit margin has averaged 48% over the last 3 years. Ignore GST.
Required

Estimate the cost of finished inventory that was destroyed in the fire. This will assist management in their collation of overall damages to submit for the insurance claim.

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Sales Sales returns and allowances Purchases Purchase returns and allowances Freight inwards $ 496 050 6 300 227 500 4 725 3 600 Inventory finished goods 1 January Inventory raw materials 88 950 65 800