D nts eBook Print eferences Wayward Company wants to prepare interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Wayward's gross profit rate averages 25%. The following information for the first quarter is available from its records. Beginning inventory, January 1 Cost of goods purchased Sales Sales returns Required: Use the gross profit method to estimate the company's first-quarter ending inventory. Beginning inventory, January 1 Net cost of goods purchased Estimated March 31 inventory $ $ 320,260 959,050 1,211,150 9,650 $ 320,260 959,050 1,279,310

Wayward Company wants to prepare interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Wayward's gross profit rate averages 25%. The following information for the first quarter is available from its. records. Required: Use the gross profit method to estimote the companys first-quarter ending inventory