On January 1, The Parts Store had a $530,000 inventory at cost During the first quarter of the year, it purchased $1,670,000 of merchandise, returned $27100, and paid freight charges on purchased merchandise totalling $41,600. During the past several years, the store's gross profit on sales has averaged 20% Under the assumption the store had $2,080,000 of sales during the first quarter of the year, use the gross profit method to estimate its inventory at the end of the first quarter. Ending inventory