value 100.00 points Wayward Company wants to prepare interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Wayward's gross profit rate averages 35%. The following information for the first quarter is available from its records. January 1 beginning inventory Cost of goods purchased Net sales $300,260 939,050 ,181,700 Required: Use the gross profit method to estimate the company's first-quarter ending inventory. Beginning inventory Cost of goods purchased Cost of goods available for sale Estimated cost of goods sold Estimated March 31 inventory 300,260 939,050 1,239,310 References eBook & Resources Leaming Objective: 05-P4 Appendix 58-Apply both the retail inventory and gross profit methods to estimate inventory Worksheet Difficulty: 2 Medium