Cool Air Company lost 50% of its inventory by fire on December 31, 2013. No inventory had been taken on December 31, 2013. The following profit and loss data are available: 2013 2012 2011 Inventory, January 1 1,040,000 840,000 848,000 Purchases 3,600,000 2,876,000 2,836,000 Purchase returns 240,000 140,000 200,000 Sales 4,060,000 3,900,000 3,620,000 Sales returns 60,000 100,000 20,000 What is the value of the inventory destroyed by fire