Sporting Pro wants to prepare interim financial statements for the first quarter of 2023 but would like to avoid making a physical count of inventory. During the last five years, the company’s gross profit rate has averaged 47%. The following information for the year’s first quarter is available from its records:

Required
Use the gross profit method to prepare an estimate of the company’s March 31 inventory.

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January 1 beginning inventory... Purchases........ Purchase returns.... Transportation-in............ Sales........ Sales returns.. $350,260 995,200 14,050 7,900 1,291,150 9,950