Backstreet Inc. wants to estimate inventory destroyed by flooding. Its average gross profit is 37%. The following information is available:

Beginning inventory.................. $ 112 350 Transportation in............................ 4 725

Purchases..................................... 520 850 Sales............................................ 885 950

Purchase returns.............................. 5 000 Sales returns & allowances............. 9 760

Required: Calculate the value of the destroyed ending inventory using the gross profit method. Round numbers to the nearest dollar, if necessary.