On February 26 , a hurricane destroyed the entire inventory stored in a warehouse owned by the Rockport Corporation. The following information is avallable from the records of the company's periodic inventory system: beginning inventory, $320,000; purchases and net sales from the beginning of the year through February 26,$600,000 and $800,000, respectively; gross profit ratio, 40\%. Estimate the cost of the inventory destroyed by the hurricane using the gross profit method