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 25%. 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 Goods available for sale Required: Use the gross profit method to prepare an estimate of the company's March 31 inventory. Goods available for sale Estimated cost of goods sold $ SPORTING PRO Estimated Inventory March 31, 2023 Estimated cost of goods sold Estimated March 31, 2023 inventory 250,260 895,200 12,050 5,900 1,091,150 8,950 1,145,460 $ 1,145,460 $ 811,650 69,160 9 of 10 H Next >

Sporting Pro wants to peepare interim financial stotements for the first quarter of 2023 but would like to avoid making a pitysical count quarter is available fiom its records Required: Use the gross profit method to prepare an estmate of the compary's Morct it inventory