Fabiana's Designs has three lines of women's wear: Teenage, Young Woman, and Mature. The selling price of each item is double its cost price. On May 18, 2014, Fabiana's Designs had a fire that destroyed the entire inventory. Sales for the period January 1 to May 18 were: Teenage, $420,000; Young Woman, $580,000; and Mature, $750,000. Inventory at January 1, 2014, was: Teenage, $95,000; Young Woman, $130,000; and Mature, $170,000. Purchases made from January 1 to May 18, at cost, were: Teenage, $240,000; Young Woman, $240,000; and Mature, $310,000.
Use the retail method to calculate the cost of the inventory lost in the fire.