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, Jan. 1 Jan. 1 through Sept. 5 purchases (net) Jan. 1 through Sept. 5 sales (net) Current year's estimated gross profit rate $180,000 $382,000 $764,000 368 Estimate the cost of the inventory destroyed. $ Beginning inventory Net cost of goods purchased Cost of goods available for sale Estimated cost of goods sold Estimated September 5 inventory destroyed $ 180,000 382,000 562.000 (488,960) 635,040 $