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On January 1 , The Parts Store had a $ 4 3 0 , 0 0 0 inventory at cost . During the first quarter

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On January 1, The Parts Store had a $430,000 inventory at cost. During the first quarter of the year, it purchased $1,570,000 of merchandise, returned $22,100, and paid freight charges on purchased merchandise totalling $36,600. During the past several years, the year, use the gross profit method to estimate its inventory at the end of the first quarter.
Ending inventory
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