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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