On March 15, a fire destroyed Blossom Company's entire retail inventory. The inventory on hand as of January 1 totaled $5300000. From January 1 through the time of the fire, the company made purchases of $1432000, incurred freight-in of $182000, and had sales of $3540000. Assuming the rate of gross profit to selling price is 20%, what is the approximate value of the inventory that was destroyed
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