Sporting Pro wants to prepare interim financial statements for the first quarter of 2023 but would like to avoid making a physical count of inventory. During the last five years, the companys gross profit rate has averaged 30%. The following information for the years first quarter is available from its records:

January 1 beginning inventory $ 275,260

Purchases 920,200

Purchase returns 12,550

Transportation-in 6,400

Sales 1,141,150

Sales returns 9,200

Required:

Use the gross profit method to prepare an estimate of the companys March 31 inventory.