Dianna Co. prepares monthly income statements for internal reporting. Because inventory is counted only at year end, month-end inventories must be estimated. The following information relates to the month of September:

Accounts receivable, September 1 $121,000

Inventory, September 1 147,000

Collections of accounts during September 184,000

Purchases during September 165,000

Accounts receivable, September 30 127,000

The company uses the gross profit method to estimate ending inventory on September 30. The company uses a 20% mark-up based upon cost. All September sales are made on account.

Question: Based upon the data above, use the Gross Profit Method to estimate the amount of inventory on hand on September 30.