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 33%. The following information for the year's first quarter is available from its records: $ January 1 beginning inventory Purchases Purchase returns Transportation-in Sales Sales returns 290, 260 935,200 12,850 6,700 1,171,150 9,350 Required: Use the gross profit method to prepare an estimate of the company's March 31 inventory. Required: Use the gross profit method to prepare an estimate of the company's March 31 inventory. SPORTING PRO Estimated Inventory March 31, 2020 Goods available for sale: Goods available for sale Estimated cost of goods sold: Estimated cost of goods sold Estimated March 31, 2020 inventory