On September 22, 2021, 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, 2021 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $141,000 371,000 555,000 25% Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross profit method. Answer is complete but not entirely correct. $ 156,000 386,000 542,000 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 $ 630,000 X (126,000) 504,000 38,000