On September 22, 2018, 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, 2018 Net purchases, January 1 through September $146,000 376,000 Net sales, January 1 through September 22580,000 Gross profit ratio 20% Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross profit method es Beginning inventory Plus: Net purchases Cost of goods available for sale Less: Cost of goods sold Net sales Less: Estimated gross profit Estimated cost of goods sold Estimated cost of inventory destroyed