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 26%. 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 $ 255, 260 900, 200 12,150 6,000 1,101,150 9,000 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 Inventory, January 1, 2020 $ 255,260 Purchases $ 900,200 Less: Purchase returns (12,150) Net sales 1,092,150 1,347,410 Goods available for sale $ Estimated cost of goods sold: Sales $ 1,101,150