On October 13, 2020, a fire destroyed one of Wetland Company's warehouses, including all of the inventory stored there and in the adjacent lumber yard. The fire did not affect the inventory held at the company's other locations. The accounting records were kept at Wetland's head office in Fort Mcmurray, Alberta. A review of the records revealed the following information: Purchases up to October 13 $362,000 Cost of inventory on hand, January 1 $299,000 Sales up to October 13 $1,133,000 Gross margin ratio for 2020 60% A count of inventory on hand at the other locations revealed that inventory costed at $99,000 was on hand. Estimate the cost of the inventory that was destroyed in the fire. The cost of the inventory destroyed in the fire $