Teigan's ClothiersInc., a clothing retailer of high-end ladies fashions, had their inventory destroyed in a flood.Its average gross profit percentage is 31%.The following information is available:

Beginning inventory$212,350

Purchases$620,850

Purchase returns and allowances$8,000

Sales$985,950

Sales Returns and Allowances$14,760

Required

Calculate the estimated cost of the destroyed ending inventory using the Gross Profit Method.