On September 22, 2016, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system:

Inventory, January 1, 2016$148,000Net purchases, January 1 through September 22378,000Net sales, January 1 through September 22590,000Gross profit ratio20%

Required:Complete the below table to estimate the cost of inventory destroyed in the flood using the gross profit method.