Flint 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		$	364,000
Purchases			730,000
Freightin			52,000
Sales			1,270,000
Sales returns			75,100
Purchase discounts			11,100

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

Estimated inventory, May 31

$

eTextbook and Media

Calculate the estimated inventory at May 31, assuming that the markup on cost is 25%.

Estimated inventory, May 31

$