Wood's warehouse burned down on April 1 of Year 4. The following information (up to the date of the fire) was taken from the Year 4 records of the company: inventory, January 1, $180,000: gross sales, $960,000; purchases, $540,000; sales returns (restored to inventory), $30,000 purchase returns and allowances, $12,000; and freight-in, $48,000. The cost of goods sold and gross profit for the past three years follow. Year Cost of Goods Sold Gross Profit Year 1 $3,000,000 $750,000 Year 2 2,760,000 720,000 Year 3 3,000,000 720,000 Required a. Estimate the cost of the inventory destroyed in the fire, using the average gross profit percentage for the past three years. Note: Assume no inventory was salvagable. Note: Do not use negative signs with any of your answers. Average gross profit percentage for the past three years: 0 COGAS COGS, estimated $ 0 $ 0 0 Ending inventory loss $ %