Swifty Inc.'s April 30 inventory was destroyed by the explosion of an underground oil tank. January 1 inventory was $328,000 and purchases for January through April totalled $790,000. Sales for the same period were $1.1 million. Swiftys' normal gross profit percentage is 30%.
Using the gross profit method, estimate the amount of Swiftys' April 30 inventory that was destroyed.
Estimated ending inventory destroyed in explosion $