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$),$$$100,000$

January $1$ through September $5$ sales $($net$)$ $ $620,000$

Current year's estimated gross profit rate $40\%$

Estimate the cost of the inventory destroyed.