Confucius Bookstores inventory is destroyed by a fire on September 5. The following data for the current year are available from the accounting records. Beginning inventory, Jan. 1 Jan. 1 through Sept. 5 purchases (net) Jan. 1 through Sept. 5 sales (net) Current year's estimated gross profit rate $220,000 $340,000 $680,000 35% Estimate the cost of the inventory destroyed. Beginning inventory $ 220,000 Estimated September 5 inventory destroyed