On January $1,$ ?JKR Shop had $$530,000$ ?of beginning inventory at cost$.$ ?In the first quarter of the year, it purchased $$1,670,000$ ?of merchandise, returned $$23,900,$ ?and paid freight charges of $$38,400$ ?on purchased merchandise, terms FOB shipping point. The company's gross profit averages $30\%,$ ?and the store had $$2,080,000$ ?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.

$\backslash$table$[[$Beginning inventory, January $1,$$$530$;$000$