10 Problem 6-10AB Gross profit method LO PA 10 points Wayward Company wants to prepare interim financlal statements for the first quarter. The company wishes to avoid making a physical count of inventory Wayward's gross records. profit rate averages 34%. The following information for the first quarter is available from its Janaary i beginning ievensery Cost of goods parchased Sales 302,580 941.040 1,211, 160 8, 410 eBook Priet Required: Use the gross profit method to estimate the company's first quarter ending inventory References S 302.580 941,040 s 1,243,820 Net cost of goods purchased Estimated March 31 inventory