Question 4 - 20 Marks 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. Part 2 During 2020. Harmony Co. sold S620.000 of merchandise at marked retail price. At the end of 2020, the following information was available from its records: Beginning inventory Net purchases At Cost At Retail $ 127,600 S 356,800 $ 231,240 $ 353,600 Use the retail method to estimate Harmony's 2020 ending inventory at cost. Round all calculations to two decimal places