Question [5 marks; suggested time 12 On June 30, The Corner Store had a balance in its inventory account of $200,000. During the third quarter of the year (July 1 to September 30), it purchased $1,500,000 of merchandise, paid freight charges on purchased merchandise totalling $35,000 and returned $25,000. During the past several years, the store's gross profit on sales has averaged 25%. During the third quarter of the year, the store had $2,100,000 of sales, sales discounts of 24,000 and returns of $45,000. Use the gross margin method to estimate its inventory at the end of the third quarter (September 30)