Sheridan Corporation recently suffered a fire in its warehouse. The fire destroyed all of the companys inventory on hand at June 30. The opening inventory on June 1 was $2,632,350. Sheridan purchased an additional $670,000 during June and had sales of $1,240,000 for the month at a gross profit of 32%. Using the gross profit method, estimate the value of the inventory destroyed in the fire.

Estimated Inventory Destroyed is $