The inventory of Sixth Avenue Department Store was destroyed by a fire on September 10, 2020. The following 2020 data were found in the accounting records:

Jan. 1 inventory ............................................................... $180,000
Jan. 1–Sept. 10 purchases (net) .................................... $342,000
Jan. 1–Sept.10 sales ....................................................... $675,000
2020 estimated gross profit rate .......................................... 42%

Estimate the cost of the inventory destroyed in the fire using the gross profit method.