On January 1, JKR Shop had $460,000 of beginning inventory at cost. In the first quarter of the year, it purchased $1,614,500 of merchandise. The company's gross profit averages 35%, and the store had $2,010,000 of net sales (at retail) in the first quarter of the year. Use the gross profit method to estimate its cost of inventory at the end of the first quarter. Sales Beginning inventory, January 1 Net cost of goods purchased