Question 1 (5 points) Sporting Pro wants to prepare interim financial statements for the first quarter of 2020 but would like to avoid making a physical count of inventory. During the last five years, the company's gross profit rate has averaged 31%. The following information for the year's first quarter is available from its records: January 1 beginning inventory $280,260 Purchases 925,200 Purchase returns 12,650 6,500 1,151,150 9,250 Transportation-in Sales Sales returns

Question 1 (5 points) Sporting Pro wants to prepare interim financial statements for the first quarter of 2020 but would like to avoid making a physical count of inventory. During the last five years, the company's gross profit rate has averaged \31. The following information for the year's first quarter is available from its records