During July, the first month of the fiscal year, sales totaled $900,000 and the cost of merchandise available for sale totaled $800,000.

During July, the first month of the fiscal year, sales totaled $900,000 and the cost of merchandise available for sale totaled $800,000. Estimate the cost of the merchandise inventory as of July 31, based on an estimated gross profit rate of 40%. can you please complete this question for me.

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