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 companys gross profit rate has averaged 47%. The following information for the years first quarter is available from its records:

January 1 beginning inventory	$	350,260
Purchases		995,200
Purchase returns		14,050
Transportation-in		7,900
Sales		1,291,150
Sales returns		9,950

Required: Use the gross profit method to prepare an estimate of the companys March 31 inventory.