problem 6-10AB Gross Profit method LO P4

-10 Algor i Saved Problem 6-10AB 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 25%. The following information for the first quarter is available from its records. $ 320,260 January 1 beginning inventory Cost of goods purchased Sales Sales returns 959,050 1,211,150 9,650 nces Required: Use the gross profit method to estimate the company's first quarter ending inventory $ Beginning inventory Net cost of goods purchased Cost of goods available for sale Estimated cost of goods sold Estimated March 31 inventory 320,260 959,050 1,279 310 s