On February $26,$ a hurricane destroyed the entire inventory stored in a warehouse owned by the Rockport Corporation. The following information is available from the records of the company's periodic inventory system: beginning inventory, $$315,000$; purchases and net sales from the beginning of the year through February $26,$$$590,000$ and $$790,000,$ respectively; gross profit ratio, $35\%.$

Estimate the cost of the inventory destroyed by the hurricane using the gross profit method.

$\backslash$table$[[$Beginning inventory,$],[$Plus: Net purchases,$],[$Cost of goods available for sale,$],[$Less: Cost of goods sold:,$],[$Net sales,$],[$Less: Estimated gross profit,$],[$Estimated cost of goods sold,$],[$Estimated cost of inventory destroyed,$]]$