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 40%. The following information for the first quarter is available from its records. Cost of goods purchased Beginning inventory, January 1 $ 390,260 1,029,050 1,281,150 10,350 Sales Sales returns Required: Use the gross profit method to estimate the company's first-quarter ending inventory. Beginning inventory, January 1 Net cost of goods purchased $ 390,260 1,029,050 Estimated March 31 inventory $ 1,419,310