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 40%. 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 $ 315,260 960,200 13,350 7,200 1,221,150 9,600 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: 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