Problem 5-10AB Gross profit method LO P4 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 40%. The following information for the first quarter is available from Its records. Beginning inventory, January 1 Cost of goods purchased Sales Sales returns $ 310, 260 949,050 1,201, 150 9,550 Required: Use the gross profit method to estimate the company's first quarter ending Inventory $ Beginning inventory. Jan. 1 Netcost of goods purchased Cost of goods available for sale Estimated cost of goods sold Estimated March 31 inventory 310,250 949,050 1.259,310 $