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 February 26, $490,000 and $690,000, respectively; gross profit ratio, 25%. Estimate the cost of the inventory destroyed by the hurricane using the gross profit method 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