Exercise 9-8 (Algo) Gross profit method [LO9-2] On September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic Inventory system: Inventory, January 1, 2021 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $158,000 388,000 640,000 25% Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross profit method.