Remaining Time: 2 hours, 11 minutes, 46 seconds. Question Completion Status: Words: Pathp 8 points Save Answer QUESTION 4 On December 31, 2015 RBT Company's inventory burned. Net sales and net purchases for the year had been $700,000 and $490,000, respectively. The beginning inventory (Jan 1, 2015) was $85,000. The gross profit ratio was 60% of cost. Instructions Compute the estimated cost of inventory burned by the gross profit method as of December 31, 2015