Tudor 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 $ 1,200,000 $ 1,580,000 Purchases 5,800,000 7,650,000 Markups, net 770,000 Sales 8,150,000 Estimated normal shoplifting losses 90,000 Markdowns, net 300,000 Under the lower-of-cost-or-market method, Tudor's estimated inventory at July 31, 2020 is $____________.