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. $ 460,260 1,099, 050 1,351,150 11,050 Beginning inventory, January 1 Cost of goods purchased Sales Sales returns Required: Use the gross profit method to estimate the company's first quarter ending inventory. Beginning inventory Net cost of goods purchased S 1,099,050 460,260 1,559,310 Estimated March 31 inventory