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, $270,000; purchases and net sales from the beginning of the year through February 26,$500,000 and $700,000, respectively; gross profit ratio, 30%, Estimate the cost of the inventory destroyed by the hurricane using the gross profit method