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On January 1, The Parts Store had a $400,000 inventory at cost. During the first...

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Accounting

On January 1, The Parts Store had a $400,000 inventory at cost. During the first quarter of the year, it purchased $1,540,000 of merchandise, returned $20,600, and paid freight charges on purchased merchandise totalling $35,100. During the past several years, the stores gross profit on sales has averaged 30%. Under the assumption the store had $1,950,000 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.

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