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Gross Profit Method A fire completely destroyed all the inventory of Glisan Lumber Yard on August 5, 20- Fortunately, the accounting records were not destroyed in the fire. The following information is provided by Glisan Lumber Yard for the time period January 1 through August 5: Beginning inventory, January 1, 20-- $112,000 Net purchases, January 1 through August 5 403,000 Net sales January 1 through August 5 736,000 Normal gross profit as a percentage of sales 40% Required: Estimate the amount of merchandise inventory destroyed in the fire on August 5 using the gross profit method. $220,000 X