The merchandise inventory of Ayan & Co. was destroyed by fire on 4th May 2021. The following data were obtained from the accounting record: Opening Inventory 1,120,000 Purchases 1,056,000 Purchases Returned & Allowance 52,000 Sales 2,870,000 Sales Return & Allowance 8,000 Estimated Gross Profit Rate 41% Required Compute the estimated cost of merchandise inventory destroyed by fire