Question 1 [10 points] XYZ Corporation wants to prepare interim financial statements for the first quarter of 2014 but would like to avoid making a physical count of inventory. During the last five years, the company's gross profit rate has averaged 25%. The following information for the year's first quarter is available from its records: January 1, beginning inventory 225,000 Purchases 547,000 Purchase returns 9,600 Transportation in 27,500 Sales 784,000 Sales returns 6,800 Fill in the following schedule using the gross profit method to estimate the company's March 31 ending inventory: Goods available for sale Net sales Estimated cost of goods sold. Estimated March ending inventory