Jermaine owns an auto body shop and has average gross receipts of \($1,200,000\) for the last three years. At the beginning of the current year, his inventory had a value of \($165,000.\) He purchased inventory during the year of \($275,000,\) and his ending inventory has a value of \($135,000.\) Assuming that he uses the cash basis of accounting for his business, how much can he deduct this year for his inventory?