Sheridan Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May.

Inventory, May 1 $ 159,500 Purchases (gross) 593,300 Freight-in 32,900 Sales revenue 974,400 Sales returns 75,900 Purchase discounts 10,800

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Compute the estimated inventory at May 31, assuming that the gross profit is 35% of net sales.

The estimated inventory at May 31 $ [Entry field with incorrect answer]