QUESTION 3 (3 Marks) On June 30, 2019, a fire completely destroyed the entire UFV facilities inventory warehouse. Luckily, the accountant had just taken the accounting records home so no accounting records were lost in the fire. UFV wants to file an insurance claim as soon as possible for their lost inventory. The accountant provides you with the following information: Purchases through June 30, 2019 Net sales revenue through June 30, 2019 $870,500 $1,361,700 You also determine that the opening inventory for the period was $625,000 and you calculate that the gross margin % for UFV has historically been 54% of net sales revenue. 1) Estimate the value of inventory destroyed using the gross margin method