Problem 6-10AB Gross profit method P4 Wayward Company wants to prepare interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Waywards gross profit rate averages 34%. The following information for the first quarter is available from its records. January 1 beginning inventory $ 302,580 Cost of goods purchased 941,040 Sales 1,211,160 Sales returns 8,410 Required Use the gross profit method to estimate the companys first-quarter ending inventory. Check Estimated ending inventory, $449,805