The Byrne Company had its entire inventory destroyed when a…

The Byrne Cоmpаny hаd its entire inventоry destrоyed when а fire swept through the company's warehouse on April 30, Year 2. Fortunately, the accounting records were locked in a fireproof safe and were not damaged. The following information for the period up to the date of the fire was taken from the accounting records:   Sales $ 560,000 Purchases    400,000 Beginning inventory      40,000   Required:Assuming that the gross margin has averaged 35% of their selling price, what is the estimated value of the inventory destroyed in the fire? Show all calculations in good form and label your numbers!