On September 22, 2024, 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, 2024	$ 145,000
Net purchases, January 1 through September 22	375,000
Net sales, January 1 through September 22	575,000
Gross profit ratio	25%

Required:

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

\begin{tabular}{|l|l|l|} \hline Beginning inventory & & \\ \hline Plus: Net purchases & & \\ \hline Cost of goods available for sale & & \\ \hline Less: Cost of goods sold: & & \\ \hline Net sales & & \\ \hline Less: Estimated gross profit & & \\ \hline Estimated cost of goods sold & $ & 0 \\ \hline Estimated cost of inventory destroyed & & \\ \hline \end{tabular}