1. On December 31, 2022, the entire inventory of Golf Town Corp. was destroyed by a flood. Sales and purchases for the year had been $1.1 million and $.5 million, respectively. The beginning inventory (Jan. 1, 2022) was $240,000. In the past, Golf Town's gross profit has averaged 40%. Golf Town uses the periodic inventory system. Instructions a. Calculate the estimated cost of inventory destroyed. Operating Balance - inventory Add: Purchase Goods available for sale Sales Less: Gross profit 40% Estimated Cost of Goods Sold Ending Inventory (destroyed) $240,000