8.Sporting Pro wants to prepare interim financial statements for the first quarter of 2017 but would like to avoid making a physical count of inventory. During the last five years, the company's gross profit rate has averaged 36%. The following information for the year's first quarter is available from its records: 300,260 January 1 beginning inventory Purchases 945,200 Purchase returns 13,050 Transportation-in... 6,900 Sales 1,191,150 Sales returns.. 9,450 Question : Use the gross profit method to prepare an estimate of the company's March 31 inventory