Aaron, Inc. had a fire in its warehouse on March 31. The following accounting data was available on the date of the fire: Merchandise Inventory March 1: $380,000; Purchases in March: $350,000; Sales Revenue March 1 through March 31: $800,000; Estimated Gross Profit rate 40%. Calculate the estimated Cost of Inventory Destroyed on March 31 using the "Gross Profit Method