10 mars Gross Margin Method of Estimating Inventory Your Sean Lester Company wants to prepare interim financial statements for the first quarte of 2020 but would like to avoid making a phusical count of inventory. During the last five years the compan's gross profit rate averaged 26%. The following information for the years first quarter is avalable from its records $ January 1 beginning inventory Purachses Purachse returns Transportation in Sales Sales returns $ 145,600 $ 359,246 $ 4,246 $ 5,000 $ 623,000 $ 15,000 Required: Use the gross profit method to prepare an estimate of the company's March 31 fentory. 25 26 27 28 29 30 31 32 33 34 35 36