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, January 1	$ 230,000
January 1 through September 5 purchases (net)	$ 342,000
January 1 through September 5 sales (net)	$ 684,000
Current year's estimated gross profit rate	39%

Estimate the cost of the inventory destroyed.

QS 6-26B (Algo) Estimating inventories-gross profit method LO P4 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