QS 5-26B (Algo) Estimating inventories-gross profit method LO P4 Confucius Bookstore's inventory is destroyed by a fire on September 5. The following data for the current year are available from the accounting records. Beginning inventory, Jan. 1 Jan. 1 through Sept. 5 purchases (net) Jan. 1 through Sept. 5 sales (net) Current year's estimated gross profit rate $200,000 $398,000 $796,000 41% Estimate the cost of the inventory destroyed. Beginning inventory $ 200,000 $ 200,000 Estimated September 5 inventory destroyed