Part 1 On January 1, The Parts Store had a $770,000 inventory at cost. During the first quarter of the year, it purchased $2,500,000 of merchandise, returned $19,100, and paid freight charges on purchased merchandise totaling $33,600. During the past several years, the store's gross profit on sales has averaged 30%. Under the assumption the store had $1,920,000 af sales during the first quarter of the year, use the gross profit method to estimate its inventory at the end of the first quarter. 0 1 2. 3 Part 2 4 5 During 2020, Harmony Co. sold $620,000 of merchandise at marked retail price. At the end of 2020, 16 the following information was available from its records: 17 18 At Cost At Retail 19 Beginning inventory $ 127,600 $ 356,800 20 Net purchases $ 231,240 $ 353,600 21 gross profit on sales has averaged 30%. Under the assumption the store had $1,920,000 af sales during the first quarter of the use the gross profit method to estimate its inventory at the end of the first quarter. 0 1 2 3 Part 2 4 5 During 2020, Harmony Co. sold $620,000 of merchandise at marked retail price. At the end of 2020, 5 the following information was available from its records: 7 B At Cost At Retail Beginning inventory $ 127,600 $ 356,800 Net purchases $ 231,240 $ 353,600 1 2 3. Use the retail method to estimate Harmony's 2020 ending inventory at cost. Round all calculations to 4 two decimal places. 5