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 $29\%.$ The following information for the year's first quarter is available from its records:

Required:

Use the gross profit method to prepare an estimate of the company's March $31$ inventory.

$\backslash$table$[[$SPORTING PRO,$],[$Estimated Inventory,$],[$March $31,2023,,],[,,],[,,],[,,],[,,],[$Goods available for sale:,,$],[$Goods available for sale,,$],[$Estimated cost of goods sold:,,$]]$