On March 15, a fire destroyed Interlock Company's a large portion of the firms inventory. The inventory on hand as of January 1 totaled $1,650,000. From January 1 through the time of the fire, the company made purchases of $683,000 and had sales of $1,210,000. Damaged inventory has a salvage value of $310,000. Inventory that survived the fire without damage has a sales value of $400,000.

Required: Please show all calculations (in formula form if desired)

Assuming the rate of gross profit to selling price is 30%, what is the approximate value of the inventory loss that was destroyed by the fire?