how to find COGS with gross profit and estimated ending inventory

Sporting Pro wants to prepare interim financial statements for the first quarter of 2020 but would like to avoid making a physical count of inventory. During the last five years, the company's gross profit rate has averaged 39%. The following information for the year's first quarter is available from its records: January 1 beginning inventory Purchases Purchase returns Transportation in Sales Sales returns $ 310, 260 955,200 13,250 7,100 1,211,150 9,550 Required: Use the gross profit method to prepare an estimate of the company's March 31 Inventory. SPORTING PRO Estimated Inventory March 31, 2020 Goods available for sale Inventory, January 1, 2020 Purchases $ Less Purchase returns Add Transportation in 5 310.260 955 200 13.250 7.100 Netcost of goods purchased Goods available for sale Estimated cost of goods sold 949,050 $ 1259 310 Use the gross profit method to prepare an estimate of the company's March 31 inventory. SPORTING PRO Estimated Inventory March 31, 2020 Goods available for sale Inventory, January 1, 2020 Purchases Less Purchase returns Add: Transportation-in $ 310,260 955,200 13,250 7,100 949,050 $ 1,259,310 Net cost of goods purchased Goods available for sale Estimated cost of goods sold: Sales Less: Sales returns $ 1,211,150 9,550 S 1,201 600 Net sales Estimated cost of goods sold Estimated March 31, 2020 inventory