Ivanhoe Corporation recently suffered a fire in its warehouse. The fire destroyed all of the companys inventory on hand at June 30. The opening inventory on June 1 was $ 2,644,850. Ivanhoe purchased an additional $ 770,000 during June and had sales of $ 1,130,000 for the month at a gross profit of 21%. Using the gross profit method, estimate the value of the inventory destroyed in the fire.