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 companys periodic inventory system:

Inventory, January 1, 2021	$	156,000
Net purchases, January 1 through September 22		386,000
Net sales, January 1 through September 22		630,000
Gross profit ratio		20	%

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

Beginning inventory
Plus: Net purchases
Cost of goods available for sale		0
Less: Cost of goods sold:
Net sales
Less: Estimated gross profit
Estimated cost of goods sold		0
Estimated cost of inventory destroyed		$0

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