A company's store was destroyed by a fire on February 10 of this year. The only information for the current period that could be salvaged included the following: 
Historically, the company's gross profit ratio has been 30%. Estimate the value of the destroyed inventory using the gross profit method.
Definitions:
Stockholders' Equity
The remaining value in a corporation's assets once all its debts have been subtracted, indicating the ownership stake.
Account Balances
The amounts of money held in or owed on an account at a particular point in time.
Retained Earnings
The portion of a company's profits that is not distributed as dividends to shareholders but is kept within the company for reinvestment.
Restriction/Appropriation
The limitation of retained earnings distribution specified by management or shareholders, often for specific purposes like future investments or debt repayment.
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