On December 31, 2018, most of Johnson Company's inventory burned Sales and purchases for the year had been $1,300,000 and $950,000, respectively. The beginning inventory (Jan 1, 2018) was $150,000, in the past Johnson's gross profit has averaged 25% of selling price. The cost of undamaged inventory totaled $50,000. What is the estimated cost of inventory burned in the fire? NOTE Show your work and label your numbers