Hestor Company’s records indicate the following information:

Merchandise inventory, January 1, 20X1 ............................ $ 550,000
Purchases, January 1 through December 31, 20X1 ........... 2,250,000
Sales, January 1 through December 31, 20X1 .................... 3,000,000

On December 31, 20X1, a physical inventory determined that ending inventory of $600,000 was in the warehouse. Hestor’s gross profit on sales has remained constant at 30%. Hestor suspects some of the inventory may have been taken by some new employees.

Required:

At December 31, 20X1, what is the estimated cost of missing inventory?