1. On March 15, a fire destroyed Interlock Company's entire retail inventory. The inventory on hand as of January 1 totaled $3,800,000. From January 1 through the time of the fire, the company made purchases of $2,500,000 , and had sales of $2,820,000. Assuming the rate of gross profit to selling price is 40%, what is the approximate value of the inventory that was destroyed?