Skye is evaluating a proposed investment in a new inventory management system. The system costs $$350,000$ and will be depreciated using the straight$-$line method over a five$-$year expected useful life to a $$70,000$ salvage value. The new system will allow the firm to immediately reduce its inventory levels by about $$40,000$ and will save approximately $$20,000$ per year in annual labor costs. What is this project's initial outlay?