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Estimating Inventory Using Gross Profit Method

Wood's warehouse burned down on April $1$ of Year $4.$ The following information $($up to the date of the fire$)$ was taken from the Year $4$ records of the company: inventory, January $1,$$$90,000$; gross sales, $$480,000$; purchases, $$270,000$; sales returns $($restored to inventory$),$ $$15,000$; purchase returns and allowances, $$6,000$; and freight$-$in$,$ $$24,000.$ The cost of goods sold and gross profit for the past three years follow.

$\backslash$table$[[$ar$,$Cost of $Gr,$Gross P$],[$Year $1,$$$1,500,000,$$$375,000$