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 30%. 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 $ 275, 260 920,200 12,550 6,400 1,141,150 9,200 Required: Use the gross profit meth 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