Problem 6-10AB Gross profit method LO P4 Wayward Company wants 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 35%. The following information for the first quarter is available from its records. Beginning inventory, January 1 Cost of goods purchased Sales Sales returns $ 500,260 1,139,050 1,391,150 11,450 Required: Use the gross profit method to estimate the company's first quarter ending inventory. $ Beginning inventory, Jan. 1 Net cost of goods purchased 500,2601 1.139.050 1.639.310 $ Estimated March 31 inventory