Confucius Bookstore's inventory is destroyed by a fire on September 5, 2017. The following data for year 2017 are available from the accounting records. Estimate the cost of the inventory destroyed.
Jan. 1 inventory ............................................... $190,000
Jan. 1 through Sept. 5 purchases (net) ..................... $352,000
Jan. 1 through Sept. 5 sales (net) ........................... $685,000
Year 2017 estimated gross profit rate ..................... 44%