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 $ 170,000 January i through September 5 purchases (net) $ 325,000 January 1 through September 5 sales (net) $ 650,000 Current year's estimated gross profit rate 344 Estimate the cost of the Inventory destroyed. Beginning inventory $ 170,000 Estimated September 5 Inventory destroyed