On August 31, a hurricane destroyed a retail location of Metlock's Clothier including the entire inventory on hand at the location. The inventory on hand as of June 30 totaled $1970000. Since June 30 until the time of the hurricane, the company made purchases of $540000 and had sales of $1540000. Assuming the rate of gross profit to selling price is 25%, what is the approximate value of the inventory that was destroyed?