Ivanhoe Company reported the following information for November and December 2022

November; Cost of goods purchased 537000, Beginning of month inventory-124000, End of month inventory-140200, sales revenue-840000

December; Cost of goods purchased-610000, beginning of month inventory-140200, End of month inventory-?, sales revenue-1000000

Ivanhoes ending inventory at Dec. 31 was destroyed in a fire.

b) using the gross profit rate for November, determine the estimated cost of inventory in the fire