A retailer had a fire in the store. For its insurance claim, it must estimate the inventory it had on hand at the time of the fire. The retailer uses a periodic inventory system so it will use the gross profit method. The retailer has averaged a gross profit of 35% of net sales over the past six years. According to its accounting records, sales for the year to date were $1,150,000 and inventory purchases totaled $760,000. The previous year ends inventory was $155,000 according to last years physical count. Record dollar amounts without dollar signs or commas, e.g., 15000.

1. Estimate cost of goods sold ($): ______

2. Estimate inventory at the time of the fire ($): ______