On July 8, a fire destroyed the entire inventory on hand of Costco Wholesale Corporation. Costco uses a periodic inventory system and decides to use the gross profit method to estimate cost of goods sold and ending inventory at the time of the fire. The following information is available. What was the estimated cost of the inventory destroyed in the fire? Inventory, Jan. 1 Purchases, Jan. 1 - Jul. 8 Sales revenue, Jan. 1 - Jul. 8 Estimated gross profit ratio $90,000 430,000 500,000 30% $350,000 $60,000 $150,000 $170,000