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, $$220,000$; purchases and net sales from the beginning of the year through February $26,$ $$400,000$ and $$600,000,$ respectively; gross profit ratio, $30\%.$ Estimate the cost of the inventory destroyed by the hurricane using the gross profit method.