Confucius Bookstore's inventory is destroyed by a fire on September 5. The following data for the current year are available from the accounting records. Beginning inventory, January 1 January 1 through September 5 purchases (net) January 1 through September 5 sales (net) Current year's estimated gross profit rate Estimate the cost of the inventory destroyed. $ 240,000 $ 319,000 $ 638,000 32 Beginning inventory Estimated September 5 inventory destroyed $ 240,000 $ 240,000 Confucius Bookstore's inventory is destroyed by a fire on Septemb accounting records. Beginning inventory, January 1 January 1 through September 5 purchases (net) January 1 through September 5 sales (net) Current year's estimated gross profit rate Estimate the cost of the inventory destroyed. $ 240,0 $ 319,0 $ 638,C Beginning inventory $ 240,000 + $ 240,000 Cost of goods available for sale Estimated cost of goods sold Estimated ending inventory Net cost of goods purchased Sales