Ketchup Company's accounting records indicated the following information: . Inventory, 1/1/20 $ 1,170,000 Purchases during 2020 Sales during 2020 5,850,000 7,410,000 A physical inventory taken on December 31, 2020, resulted in an ending inventory of $1,165,000. Ketchup's gross profit on sales has remained constant at 25% in recent years. Ketchup suspects some inventory may have been taken by a new employee. At December 31, 2020, what is the estimated cost of missing inventory? $390,000 $487,500 $292,500 $97,500