Coved Proctoring Enabled: Test 1 BACC 200 W21 23 On January 1, The Parts Store had a $470.000 inventory at cost. During the first quarter of the year, it purchased $1,610,000 of merchandise returned $24100, and paid freight charges on purchased merchandise totalling $38,600. During the past several years, the store's gross profit on sales has averaged 20%. Under the assumption the store had $2,020,000 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. B 01002 Du Tools TO D