Blue Spruce Company Limited, which follows ASPE, uses the gross profit method to estimate inventory for monthly reports. Information follows for the month of May:

Inventory, May 1		$	367,000
Purchases			719,000
Freightin			51,000
Sales			1,300,000
Sales returns			75,100
Purchase discounts			12,000

Calculate the estimated inventory at May 31, assuming that the gross profit is 25% of sales.

Estimated inventory, May 31