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 31%. The following information for the year's first quarter is available from its records:

January 1 beginning inventory$280,260 Purchases 925,200 Purchase returns 12,650 Transportation-in 6,500 Sales 1,151,150 Sales returns 9,250

Required: 1. Use the gross profit method to prepare an estimate of the company's March 31 inventory.