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Quigley Company's records indicate the following information for the year: Inventory, 1/1 660,000 Purchases 2,700,000 Net sales 3,600,000 On December 31, a physical inventory determined

Quigley Company's records indicate the following information for the year:

Inventory, 1/1 660,000

Purchases 2,700,000

Net sales 3,600,000

On December 31, a physical inventory determined that ending inventory of 720,000 was in the warehouse. Quigley's gross profit on sales has remained constant at 30%. Quigley suspects some of the inventory may have been taken by some new employees. At December 31, what is the estimated cost of missing inventory?

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