On August 31, a hurricane destroyed a retail location and the inventory on hand. The inventory on hand as of June 30 totaled $2,000,000. From June 30 until the time of the hurricane, the company made purchases of $500,000 and had sales of $1,500,000. Assuming the rate of gross profit to selling price is 40%, what is the approximate value of the inventory that was destroyed using the gross profit method?