Question 1 (3 points) On October 1, 2021, PC Inc. had merchandise inventory with a cost of $498,620. The following information pertains to inventory transactions that took place during October 2021: Sales $ 4,420,000 Gross profit percentage on sales 36% Inventory purchases 2,540,100 Freight-in 88,170 Purchase returns and allowances 61,600 Required: Calculate the estimated dollar value of inventory at October 31, 2021