YouTube Maps Ch 6 Homework i 3 5 points Saved Help Save & On January 1, The Parts Store had a $500,000 inventory at cost. During the first quarter of the year, it purchased $1,640,000 of merchandise, returned $25,600, and paid freight charges on purchased merchandise totalling $40,100. During the past several years, the store's gross profit on sales has averaged 20%. Under the assumption the store had $2,050,000 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. Ending inventory Skipped eBook Ask Print References C