4. Maverick Equipment Rental was burglarized on 2/15/15. It is unclear how many items were stolen. Maverick and its insurance company are currently working to estimate the dollar value of the stolen goods in order to reach a financial settlement under the existing property insurance policy Maverick's tax return prepared at the end of 2014 revealed that the ended 2014 with a total inventory of $600,000. Maverick uses the same inventory account methods for tax and accounting purposes The insurance company has contacted Maverick' s suppliers and confirmed Maverick's claim that purchases for 2015, prior to the date of the burglary, were $1,200,000. All inventory was purchased, FOB destination. 2015 sales taxes collected by Maverick and remitted to the state, prior to the date of the theft, were $135,000. The sales tax rate is 7% of sales. An inventory was taken immediately after the burglary and the cost of equipment in stock was $370,000 Maverick consistently sells equipment at a gross proft margin of 30% Page 2 of 3 Required: Use the gross profit method to estimate the dollar value of stolen property