The inventory of Bell Department Store was destroyed by a fire on September 10, 2014. The following 2014 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
2014 estimated gross profit rate ......................42%
Estimate the cost of the inventory destroyed in the fire using the gross profit method.