It umpany wants to prepare interim financial statements for the first quarter. The company " l inaking a physical count of inventory. Wayward's gross profit rate averages 34%. The fol e tion for the first quarter is available from its records 302,580 941,040 January I beginning inwentory Cost of goods ptmlased . . Sales. . Sales returns ....1.211,160 8.410 pns profit method to estimate the company's first quarter ending inventory. tobe mation: TDS Company uses a perpctual inventory system. It entered into the following purchses ' ' .alr?transactions for April. (For specific identification, the April 9 sale consisted of 8 units from n inventory and 27 units from the April 6 purchase; the April 30 sale consisted of 12 units from onin inventory 3 units from the April 6 purchase and 10 units from the April 25 purchase.) Dato Ap I Beginning inventory Ap 6 Purchase A 9 Sales p 17 Purchase. . A 25 Purchase. Ap 30 Sales Activitics Units Sold at Retail .. 20 units@$3,000.00 per unit ..30 units@$3,500.00 per unit 35 units @ $12,000.00 per unit 5 units@$4,500.00 per unit 10 units @ $4,800.00 per unit 25 units @ $14,000.00 per unit 60 units Total 65 units