6 Saved points Skipped On January 1, The Parts Store had a $430,000 inventory at cost. During the first quarter of the year, it purchased $1,570,000 of merchandise, returned $22,100, and paid freight charges on purchased merchandise totalling $36,600. During the past several years, the store's gross profit on sales has averaged 30%. Under the assumption the store had $1,980,000 of sales during the first quarter of the year, use the gross profit method to estimate its inventory at the end of the first quarter. Ending inventory Book Alk P References