Alanood 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 36%.The following information for the years first quarter is avalable from its records: January 1 beginning inventory $150,130 Purachses $472,600 Purachse returns $6,525 Transportation in $3,450 Sales $595,575 Sales returns $4,725 Required: Use the gross profit method to estimate of the company's March 31 inventory.