Exercise $6-12$ Estimating ending inventory$-$gross profit method LO$610$pointsOn January $1,$ The Parts Store had a $$430,000$ inventory at cost$.$ During the first quarter of the year, it purchased $$1,5/0,000$ 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