Question 5 - (Chapter 8) On December 31, 2023, the entire inventory of Waterfall Inc. was destroyed by a flood. Sales and purchases for the year had been $2.6 million and $1.2 million, respectively. The beginning inventory (Jan. 1,2023 ) was $450,000. In the past, Waterfall's gross profit has averaged 40%. Instructions Calculate the estimated cost of inventory destroyed