QS $5-26$B $($Algo$)$ Estimating inventories$-$gross profit method LO P$4$

Confucius Bockstore's inventory is destroyed by a fire on September $5.$ The following data for the curfent year are avallable from the accounting records.

Aeginning imventory, Janusry $1$

January $1$ through September $5$ purchases $($net$)$

January $1$ through $5$ eptentier $5$ sales $($net$)$

Current year's estinated gross profit rate

S $260,000$

$ $391,000$

; $782,890$

$334$

Estimale the cost of the inventory destroyed.

$\backslash$table$[[$Beginning inventery,$$,261,000],[$Net cost of goods purchased,,$391,000],[$Cnst of geads available for saie,$$,651,000],[$Estimaled cost of goods seld,,$],[$Estimated september $5$ imversory,,$]]$