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 company's gross profit rate has averaged $47\%.$ The following information for the year's first quarter is available from its records:

$\backslash$table$[[$January $1$ beginning inventory,$350,260],[$Purchases$,995,200],[$Purchase returns,$14,050],[$Transportation$-$in$,7,900],[$Sales$,1,291,150$