Ohana Company uses the gross profit method to estimate inventory for monthly reports. Information follows for the month of November:

Inventory, Nov $1..........$ $ $978,000$

Purchases $.....................691,000$

Freight$-$in $.....................47,000$

Sales............................. $1,450,000$

Sales returns................. $67,600$

Purchase discounts....... $14,100$

Instructions

$1.$

Calculate the estimated inventory at November $30,$ assuming that the markup on cost is $30\%.$