January Co. uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the computation of the inventory at July 31, 2020, are as follows: Cost Retail Inventory, 2/1/20 $ 310,000 $ 385,000 Purchases 1,550,000 2,437,500 Markups, net 272,500 Sales 2,475,000 Estimated normal spoilage 31,000 Markdowns, net 170,000 Under the lower-of-cost-or-market method, January Co's estimated inventory at July 31, 2020 is (Hint: Round intermediate calculation to 2 decimal places, e.g. 0.63 and final answer to 0 decimal places.) O $270,000 O $419,000 O $251,400 O $481,000