Green Company has a recent gross profit history of 33 1/3 %. The following data are available from Green's accounting records for the three months ended March 31, 2020. Inventory at 03/31/20, 1,150,000; Purchases, 2,000,000; Sales, 1,600,000; Purchase returns 70,000; Freight-out 50,000; Sales returns, 100,000; Sales discounts, 20,000; Purchase discounts, 30,000.If the gross profit rate is based on cost, what is the estimated cost of the inventory, beg for the year 2020?