Exercise 6-17B Estimating ending inventory-gross profit method LO P4 On January 1, JKR Shop had $600,000 of inventory at cost. In the first quarter of the year, it purchased $1,740,000 of merchandise, returned $24,600, and paid freight charges of $39,100 on purchased merchandise, terms FOB shipping point. The company's gross profit averages 25%, and the store had $2,150,000 of net sales (at retail) in the first quarter of the year. Use the gross profit method to 1C inventory at the end of the first quarter. estimate its cost points Skipped S Beginning inventory 600.000 Net cost of goods purchased eBook Estimated March 31 inventory References LO