The merchandise Inventory was destroyed by fire on December 13. The following data were obtained from the accounting records: Jan. 1 Merchandise inventory $369,000 Jan. 1-Dec. 13 Purchases (net) 2,466,000 Sales (net) 4,500,000 Estimated gross profit rate 44% Estimate the cost of the merchandise destroyed. Cost of the Merchandise Destroyed Sales (net), January 1-December 31 Estimated gross profit Estimated cost of merchandise sold Merchandise Inventory, January 1 Less purchases (net), January 1-December 31 Estimated cost of merchandise sold Estimated merchandise inventory, December 31