When Taylor Company prepares financial statements for banks, they use the gross profit method to estimate ending inventory and cost of goods sold. Inventory on hand at the end of August was $175,600. The information for the month of September was available from company records: Purchases $152,000 Freight-in 3,700 Sales 308,000 Sales returns 8,500 Purchases returns 3.900 In addition, $15,500 of inventory was stolen during September from one of the company's warehouses.

Required: Calculate the estimated inventory at the end of September, assuming a gross profit ratio of 20%.