A company through no fault of its own, lost an entire building due to an earthquake on May 1 , 2024. In preparing its insurance claim on the inventory loss, the company developed the following data: Inventory January 1 , 2024 , $370,000; sales and purchases from January 1,2024 , to May 1,2024,$1,130,000 and $895,000, respectively. The company consistently reports a 35% gross profit. The estimated inventory on May 1,2024 , is: Multiple Choice $495,500. $590,500. $531,700. $530,500