On February 26, a hurricane destroyed the entire inventory stored in a warehouse owned by the Rockford Corporation. The following information is available from the records of the company's periodic inventory system: beginning inventory, $250,000; purchases and net sales from the beginning of the year through February 26, $460,000 and $660,000, respectively, gross profit ratio, 35%. Estimate the cost of the inventory destroyed by the hurricane using the gross profit method S 0 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 0 0 $