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 28%. The following information for the year's first quarter is available from its records: January 1 beginning inventory Purchases Purchase returns Transportation in $ 265,260 910,200 12,350 6,200 1,121,150 9,100 Sales Sales returns Required: Use the gross profit method to prepare an estimate of the company's March 31 inventory. SPORTING PRO Estimated Inventory March 31, 2020 Goods available for sale: $ 0 Goods available for sale Estimated cost of goods sold: Estimated cost of goods sold Estimated March 31, 2020 inventory