Confucius Bookstore's inventory is destroyed by a fire on September 5.
The following data for the current year are available from the accounting records.
Beginning inventory, Jan. 1 $ 190,000
Jan. 1 through Sept. 5 purchases (net) $ 352,000
Jan. 1 through Sept. 5 sales (net) $ 685,000
Current year's estimated gross profit rate 44 %
Estimate the cost of the inventory destroyed.
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