QS 6-22B 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 $250,000 $144,000 5688,000 301 Estimate the cost of the inventory destroyed. Beginning inventory $ 250,000 3 Estimated September 5 inventory destroyed