Estimating inventories-gross profit method LO P4 Confucius Bookstore's inventory is destroyed by a fire on September 5. The following data for the current year are available from the accounting records. $ 230,000 339,000 Beginning inventory, January 1 January 1 through September 5 purchases (net) January 1 through September 5 sales (net) Current year's estimated gross profit rate Estimate the cost of the inventory destroyed. 678,000 52 X Answer is not complete. Beginning inventory $230,000 Net cost of goods purchased 339,000 Cost of goods available for sale $569,000 Estimated cost of goods sold 352,560X Estimated September 5 Inventory destroyed